Author Topic: Fil-Am group takes case vs Chevron to US SEC  (Read 405 times)

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Fil-Am group takes case vs Chevron to US SEC
« on: February 22, 2022, 03:19:05 PM »
Fil-Am group takes case vs Chevron to US SEC
By: Karl R. Ocampo - Reporter / @kocampoINQPhilippine Daily Inquirer / 05:36 AM February 19, 2022

A group of Filipino Americans including business leader and philanthropist Loida Nicolas-Lewis has filed a complaint before the US Securities and Exchange Commission (SEC) against oil giant Chevron for alleged violations stemming from the sale of its interest in the Malampaya gas field to Udenna Corp.

In a statement, the complainants alleged that Chevron, through local subsidiaries, had violated Section 10(b)(5) of the US Securities and Exchange Act when it transferred its interest in the Malampaya gas field to Udenna in March 2020. They are thus asking that the transaction be stopped.

“Chevron, through its subsidiaries Chevron Philippines and Chevron Malampaya, together with PNOC-Exploration Corporation, Udenna Corporation, and its subsidiary UC Malampaya … acted intentionally to commit multiple misrepresentation and concealments to interested shareholders including complainants, in facilitating and allowing for the transfer of Chevron Malampaya’s interest in a service contract in violation of an applicable joint operating agreement …” the complaint read.

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Read more: https://business.inquirer.net/341234/fil-am-group-takes-case-vs-chevron-to-us-sec#ixzz7LbaZxmqa
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