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Joseph Calata Answers the Alleged Probe

by Alison Ward

Rumors and scandals would always follow a famous icon; whether they are tycoons, musicians or actors. However, the real reputation killer there are those who believe and spread the rumors, whether or not they are true. You may ask, "how does one deal with problems like these?" Just keep calm and be positive.

Currently, the 31-year-old CEO of Calata Corporation, Joseph Calata, is dealing with rumors regarding his corporation. According to Calata Corp News, there had been reports that there was stock manipulation in the shares of the corporation. The corporation reached a high peak of P24 per share. However, their stocks were in a rollercoaster ride which led to this accusation.

According to Calata Corp news, before stabilizing at P12 on June 8, their stock shares started at P7.50 and reached P24 per share. At some earlier point in the session, the company shares fell almost 26 percent to 32 percent. These movements caused the accusation of the stock manipulation. The said accusation claimed that some of the stocks might have been sold to dummy accounts.

Calata Corporation IPO was labeled as the best performing IPO in the stock exchange despite it being a modest-sized company. Calata Corporation also became the biggest seller of agricultural feeds, chemicals, fertilizers and seeds. The corporation also reached a market cap of 4B pesos, making Joseph Calata worth 2.6Billion. With an achievement like this one, it isn't surprising that there would be rumors surfacing about the corporation.

The corporation answered the accusations immediately. According to Calata Corp news, Calata claimed that it is the shares and shareholders that are under investigation and not his company. He stated that the buying and the selling of trades are already in the hands of the other traders which is beyond the corporation's control. The corporation also pointed out that it was Joseph Calata himself who called the Philippine Stock Exchange to investigate the movements of their shares.

Even with the incident, Calata opted to remain calm. He is one hundred percent sure that his hands are clean on this issue. Although, some plans that Calata had for his company was affected. Which is why Calata is very much willing to cooperate with the investigation if needed.

It always pays to be careful with rumors such as the one in Calata Corp news because these can ruin someone's reputation easily no matter how big the person or the company is, just like Calata Corporation IPO.

Published October 15th, 2012

Filed in Finance