COL Financial clients turn to for help from Raffy Tulfo via "Raffy Tulfo in Action" that handles different complaints from people via Tulfo's radio and online program.
The problem of hundreds of stock traders started when COL Financial and other trading platforms were prohibited from trading AREIT, Inc. (AREIT) on its trading debut last August 13. The issue was due to misunderstanding of the status of the requirements they submitted to the Philippine Stock Exchange (PSE) to get permission for AREIT trading on their platforms.
With this, stock market traders were not able to buy or sell AREIT and turned to huge loss.
Share price of AREIT, fell to P24.90 per share, down 7.8 percent from its initial public offering price of P27.
Meanwhile, Abacus Securities Corporation will honor the rejected honors of AREIT in favor to its clients at the price where it should have been done. In the released advisory, Abacus said they are willing to take the loss if needed for the trust of its clients.
As of this writing, the staff of Raffy Tulfo has responded to the complaint.
This is a development story.
Source: Peso Economics
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