Bw Resource

762 Words Jul 20th, 2013 4 Pages
The Dante Tan – BW Resources scandal
There’s an interesting subplot brewing in the investigation of the murder of public relations man Salvador “Bubby” Dacer and his driver Emmanuel Corbito.
The Dacer-Corbito double murder case, according to the Department of Justice, may be linked to Dante Tan and the Best World (BW) Resources stock scandal that almost put the Philippine stock market into collapse in 1999.
Who is Dante Tan and what is this BW Resources controversy? Read on.
The Beginning
Dante Tan, a friend of former Pres. Joseph Estrada and contributor to the latter’s presidential campaign, formed Best World Gaming and Entertainment Corporation (BWGE) in 1998.
In 1999, Tan became a majority shareholder of a tourism and leisure
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However, the plan to operate gaming casinos was opposed heavily by the Catholic church, with Ho being accused as part of the triad gangsters.
The plan eventually did not materialize and a week after Ho’s visit, BW’s stock price dropped to below Php30.00. The price continued falling weeks later and thousands of stock traders and investors lost millions in the process.
The Philippine Stock Exchange then stepped in and investigated the company. It uncovered several stock price manipulation strategies supposedly conducted by Tan and his cohorts.
One such strategy was Tan’s sale of his shares to friends and clients at discounted rates. These transactions were then reported to the PSE as twice the amount actually paid. This was made to create an impression that the stock was being traded actively. It was also found out that the daily turnover of the BW Resources stock circulated among 10 brokerage firms only.

The Updates
In March 2002, charges were filed against Tan and his co-accused before the Pasig RTC. Tan filed a motion to quash on the ground that the Revised Securities Act had already been repealed with the passage of the Securities Regulation Code. The lower court granted Tan’s motion on August 15, 2007.
The other accused subsequently sought the dismissal of the complaints against them considering that they were charged with the same
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