SAN FRANCISCO, CA / ACCESSWIRE / December 30, 2022 / Hagens Berman urges PLDT Inc. (NYSE:PHI) investors who suffered significant losses to submit your losses now.
Visit: www.hbsslaw.com/investor-fraud/PHI
844-916-0895
PLDT Inc. (NYSE: PHI) Investigation:
The investigation focuses on PLDT’s past disclosures about its capital expenditures.
More specifically, on Dec. 16, 2022 PLDT announced that during 2019 – 2022 it experienced a budget overrun of approximately P48 billion on its massive network transformation program.
The next day, the Philippine Daily Inquirer reported that PLDT’s chairman (Manuel Pangilinan) was initially apprised of the preliminary discovery of as much as P130 billion in “financial anomalies” two months ago, before this number was trimmed to the P48 billion the company announced on Dec. 16. According to this report, Pangilinan said a senior executive informed him about the problem of billions of pesos worth of undocumented purchase orders in early October.
The Inquirer further reported: (1) “[t]his official had discovered the company had been ordering and paying for billions of pesos worth of internet and phone network equipment without the paperwork needed for accurate recordkeeping;” (2) Pangilinan “said he immediately ordered that an internal forensics team be assembled to assess the damage;” and (3) “[h]e also ordered the hiring of a third-party auditor that was not associated with PLDT’s external auditor, SGV & Co., to scour the company’s books...
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