Authors of the proposed Maharlika Fund have included in the measure penal provisions for individuals who will cause investment losses in the wealth fund, House banks and financial intermediaries chairperson Irwin Tieng said Monday.
“Nagdagdag si Congressman Joey Salceda ng penal provisions on director, trustee, or officer who willfully or maliciously violates investment policies and guidelines set by the Board of Directors pursuant to Section 19 of this Act,” Tieng told reporters. “It will be an imprisonment of not less than a year but not more than five years or a fine of P50,000 to P2 million or both pursuant to the discretion of the court,” he added.
Tieng said the penal provisions also provide that the loss suffered by the Maharlika fund as a result of the acts of negligence, willful misconduct, fraud, and actions in breach of investment agreement will also be charged to the director, trustee, or officer who caused such losses. Aside from penal provisions, Tieng said the authors of the measure already decided to adopt its initial name, the Maharlika Investments Fund, instead of the Maharlika Wealth Fund.the state-run repository of pension money of public and private sector employees, the Government Service Insurance System and the Social Security System, as mandatory sources of Maharlika Fund, to temper the fears of the pensioners that their hard earned retirement money will be gambled upon.
With our justice system?🙄😡
Can you predict the market?
dapat 200milyon fine. 2M? baryang barya lang yan sa mga buwaya.
P2M fine patawa kayo e barya lang yan sa laki ng pwedeng manakaw
Naman...2M lang eh Daan molyon ang nanakawin! Eh sa pharmaly deal nga wala nangyari eh meron pa special privilege!
Masyado barya, kayang paluwalan ni b** yan?
Will that include salons who sponsored & approved this Fund?
Tigilan nyo kami sa scare crow tactics na yan…
2M Fine lang? Barya lang yun sa laki nung fund 🤣
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