SEC tells Martinez to answer allegations

MANILA, Philippines- The Securities and Exchange Commission has asked Commissioner Jesus Martinez to come out with an official statement on allegations that he received gifts from the Legacy Group SEC chairperson Fe Barin said that the Commission en banc, sans Martinez, has come out with a memo compelling Martinez to reply to the issue even if his term as a commissioner expires next week. "This is to give him a chance to clarify his name... (and) depending on his submission, the SEC will decide (whether to conduct) an investigation or not," said Barin. Barin said the decision to require Martinez's reply is a part of the SEC's commitment to the Senate to look into the allegation hurled by a Legacy employee Monday about the company's acquisition of a house and lot which was given as gift to Martinez's son. Carolina Hinola, former chief operating officer of Legacy Consolidated Plans Inc., said that the house and lot was in exchange for the latter’s help in the renewal of a dealership license in 2008. Barin said the SEC will also submit a report to the Office of the President. Martinez, who was appointed as a commissioner at the time of former President Joseph Estrada, ends his term on March 12. GMANews.TV