Troubled chairman departs after stock price falls by more than half
In a fast-moving sequel to Philippines president Rodrigo Duterte's unprecedented attack on "oligarchs" in general and Roberto Ongpin in particular, Ongpin has resigned as chairman of online gambling provider Philweb.
His resignation comes after the company's share price plunged 63 percent in the wake of presidential threats against online gambling and vows to remove what he claimed were "oligarchs" from the public scene.
In a widely published tirade Thursday President Duterte named Ongpin as an example of an oligarch he said he wanted to "destroy".
PhilWeb advised the Philippine Stock Exchange on Thursday afternoon that Ongpin was leaving the company and its subsidiaries to focus on his real estate business.
Philweb remains on a temporary provisional licence following the recent expiration of its full licence last month; the temporary licensing itself expires later this month. The company operates over 300 electronic gambling cafes in the Philippines, and has subsidiaries in Cambodia, Guam, and East Timor.
Online Casino News Courtesy of Infopowa