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Securities and Exchange Commission Vs. Interport Resources Corporation, et al. [DISSENTING OPINION, CARPIO, J.]

SECURITIES AND EXCHANGE COMMISSION, Petitioner, versus INTERPORT RESOURCES CORPORATION, MANUEL S. RECTO, RENE S. VILLARICA, PELAGIO RICALDE, ANTONIO REINA, FRANCISCO ANONUEVO, JOSEPH SY and SANTIAGO TANCHAN, JR., Respondents. [DISSENTING OPINION, CARPIO, J.]

G.R. No. 135808 | 2008-10-06

DISSENTING OPINION

CARPIO, J.:

I dissent because the majority opinion is patently contrary to the express provision of Section 2 of Act No. 3326.

The majority opinion holds that the administrative investigation by the Securities and Exchange Commission (SEC) interrupted the running of the prescriptive period for violation of the Securities Regulation Code (Code).The majority opinion holds:

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It should be noted that the SEC started investigative proceedings against the respondents as early as 1994. This investigation effectively interrupted the prescriptive period.

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x x x
Thus, the investigation that was commenced by the SEC in 1995...