SSS: Due process will be observed in stock trading mess probe

The Social Security System (SSS) on Wednesday assured its members that due process will be observed in the conduct of probe on allegations that four of its officials were involved in an anomalous stock trading.

In a statement, the SSS also said the Investment Reserve Fund has remained "intact and well-protected."

"The Social Security System assures its members that it has institutionalized procedures to address administrative complaints," it said. "Such mechanisms ensure all parties are given due process."

"SSS guarantees its members that the Investment Reserve Fund, which came from members' contributions and investment income, is intact and well-protected," it added.

The issue started after SSS commissioner Jose Gabriel La Viña filed an administrative complaint against Executive Vice President Rizaldy Capulong, Equities Product Development head Ernesto Francisco Jr., Equities Investment Division chief Reginald Candelaria and Chief Actuary George Ongkeko Jr. for allegedly profiting from their position by trading their own stocks with the same stockbrokers who manage the portfolio of the government-run pension fund.

In an earlier interview, SSS chairman Amado Valdez said Candelaria and Ongkeko have rendered their resignation. He said the SSS Commission has approved the resignation of Candelaria but the resignation of Ongkeko was put on hold as he "has to complete the advisory work in connection to the change of charter."

Valdez said even the two quit from their posts, they will still be subjects of investigation. Meanwhile, Capulong and Francisco were already suspended from their positions.

The SSS chairman said there was no misuse of funds involved in the anomaly but only "conflict of interest." —Anna Felicia Bajo/KBK, GMA News