Lawyer's Interesting Remarks On Robredo's Alleged Impeachable Offense Involving Her SALN

With regards to the estimated worth of Vice-president Leni Robredo's Meralco stocks, Atty. Glenn Chong made interesting remarks on Robredo's alleged offense involving her SALN.
Leni Robredo impeachable offense
Composite image from Bullit Marquez/AP and Glen Chong/Facebook
READ ALSO: Prof Exposed Estimated Worth Of Robredo's Meralco Stock That Was Misdeclared In Her SALN

In a Facebook post, Atty. Chong, a known staunch critic of the Vice-president, said:

ON ROBREDO'S IMPEACHABLE OFFENSE INVOLVING HER SALN

I refer to the article atttributed to Prof. Antonio P. Contreras, a person I hold in high esteem.

I agree with the computation that P95,000 worth of Meralco stocks at P4 per share in the year 2000 would be made up of 23,750 shares.

Thus, 23,750 shares at the current price of P272 per share will be worth P6.46 million.

However, we have to investigate further if Meralco at anytime between 1995 and 2017 issued a reverse stock split, and if so, how many times did it do so.

Stock split is a corporate action that increases the number of outstanding shares for a lower price per share. Example: I own 100,000 shares priced at P10 per share. After a stock split, I get to own 200,000 shares priced at P5 per share.

The opposite of stock split is reverse stock split. It decreases the number of outstanding shares for a higher price per share. Example: I own 100,000 shares priced at P10 per share. After a reverse stock split, I get to own only 50,000 shares but now priced at P20 per share.

A reverse stock split, if it happened, could affect the computation of 23,750 shares owned by Robredo. It is possible that as of 2000, this is correct. But if a reverse stock split happened once or more thereafter, it could result in a much lower number of shares in the hands of Robredo and the total valuation will also be affected.

Let's make an airtight case!

BE THAT AS IT MAY, REGARDLESS OF THE VALUE, THE FAILURE TO INCLUDE THESE SHARES OF STOCKS IN HER SALN CONSTITUTES IMPEACHABLE OFFENSE UNDER THE CORONA DOCTRINE.
During a radio interview on May 9 with Mike Enriquez, Vice-President Leni Robredo disclosed that she owned stocks at Meralco.

However, DLSU professor and a member of the 'Impeach Leni Team', Prof. Antonio Contreras, said Robredo declared the shares in her SALN. But she did not indicate the volume or value, and such was not included in her assets which means, according to Contreras, Robredo misdeclared in her SALN.

As of this writing, Robredo is still silent on the said issue.