Philippine Telecom Giant PLDT Allowed Cost Fiasco, Investor Says

PLDT Inc., the Philippines’ biggest telephone company, should be held responsible for investor losses following the disclosure of a 48 billion peso ($872 million) capital expenditure overrun involving unrecorded purchases, a new suit says.

PLDT’s share price fell more than 19% on Dec. 19, 2022, when the news emerged, investor Sophia Olsson said on behalf of a proposed class of American Depositary Share owners. That type of share allows US investors to hold equity in foreign companies.

Without accurate recordkeeping, it’s hard to know whether fraud or kickbacks might be involved, according to a Philippine Daily Inquirer report ...