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Oct 17, 2017 @ 21:11

Investor Alfred Reiterer calls for Joseph Calata’s resignation and special audit of agrifirm’s finances

 

A minority investor of Calata Corp. is urging ithe firm’s president, Joseph Calata, to step down from his post to spare the company further trouble.

“I agree with the press release that Calata should not suffer for the wrongdoing of one shareholder. I hereby appeal to you to resign from the board of directors to protect the interest of Calata Corp.,” minority shareholder Alfred Reiterer said in a mobile message to the company’s founder and president.

In a statement issued Tuesday, Calata said the Philippine Stock Exchange would be unfair if it decides to push  through with its plan to delist the company from its registry of listed stocks just because of a mistake committed by one shareholder or officer.

Calata has been the subject of delisting proceedings starting July for multiple vuolations of rhe disclosure requirements and the so-called blackout rule.

Aside from pushing Calata’s resignation, Reiterer also sought the immediate appointment of accounting firm SGV to do a special audit “to ensure the investing public that the company is in a solid financial situation. ”

He likewise appealed to the board of directors to demand the payment of all outstanding shareholder loans or.advances.

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