Dante Tan cleared by Dagupan court

Controversial businessman Dante Tan is off the hook, as far as a Dagupan judge is concerned.

In dismissing a P5-million damage suit against Tan yesterday, Judge Deadoro Sison of the Dagupan City Regional Trial Court also brushed aside allegations that the businessman and presidential friend manipulated shares of stock of Best World (BW) Resources Corp.

Criminal cases against Tan, his co-accused Jimmy Juan and about 40 other individuals, including eight stock brokers, and two investment houses are still pending at the Department of Justice.

The BW scandal is among the issues raised against President Estrada in his impeachment trial.

Sison ruled that lawyers of the Securities and Exchange Commission charged Tan andhis co-accused, Jimmy Juan, before the Department of Justice following pressure from their superiors and the media.

"After a review of the law and evidence, this court now finds and holds that Tan and Juan did not commit illegal and fraudulent acts of stock price manipulation, in violation of the Revised Securities Act, in their transactions and trading of shares of stock of BW Resources," read Sison’s decision.

In dismissing the case, Sison said it was impossible for Tan and Juan to have deliberately matched their buy order with a specific individual’s sell order.

"There is nothing in the investigation report and the annexes, which establish intent to manipulate the stock market," read Sison’s ruling. "Said documents detail stock transactions and trading of BW shares, but the proof of extensive trading is not equivalent to proof of intent to manipulate."

Sison said the computerization of the Philippine Stock Exchange would have made it "unlikely for Tan and Juan to initiate the scheme" of manipulating the BW stocks.

"It is worth pointing out that matched orders are not absolutely prohibited by the statute or commission rule," read Sison’s ruling. "Having personally witnessed such transactions, this Court is inclined to believe the defense of the defendants. This court is convinced that Tan could not have deliberately matched his buy and sell transactions with any other person."

The suit against Tan and Juan was filed by BW stockholder James Dy who alleged that he had incurred losses when the "stock manipulation scandal" broke out in October last year.