SSS panel to probe officials in stock trading controversy

The Social Security System (SSS) said Wednesday it has formed a committee to investigate the four of its officials supposedly involved in questionable stock trading.

"A committee has been formed to investigate the charges," the pension fund for private sector employees said in a statement.

"The officials under investigation will have their day in court," it said.

SSS commissioner Jose Gabriel La Viña filed an administrative complaint against executive vice president Rizaldy Capulong, Equities Product Development head Ernesto Francisco Jr., Equities Investment Division chief Reginald Candelaria, and chief actuary George Ongkeko Jr. for allegedly profiting from their personal stock investments by contracting the same stockbrokers who manage the SSS portfolio.

The SSS Commission also welcomes and supports the forthcoming congressional probe, as well as the participation of other government agencies to ensure that "the investigation will be complete and thorough.

On November 2, House Committee on Banks and Financial Intermediaries chair Ben Evardone issued a resolution seeking to investigate the supposed anomalies in stock trading involving SSS funds which, he claimed," led to "investments opportunity losses" for the pension fund.

Evardone said the House panel will look into the angle of "insider trading."

SSS chairman Amado Valdez claimed earlier that the allegations hurled at the erring officials was more an issue of conflict of interest.

Valdez noted there was no misuse of SSS funds.

In an earlier statement, the pension fund said the Investment Reserve Fund remained "intact and well-protected." — Ted Cordero/VDS, GMA News