Pimentel: SSS execs must disgorge dishonest profits
The Social Security System executives involved in the stock trading mess should be compelled to disgorge all the personal profits they netted from valuable tips and concessions they obtained from the pension fund’s accredited stockbrokers, Surigao del Sur second-district Rep. Johnny Pimentel said on Sunday.
“This is the right thing to do – for them to be constrained to empty out their pockets of their dishonest earnings. Those profits rightfully belong to and should go to the SSS,” he said.
The chairman of the House of Representatives committee on good government and public accountability reminded SSS officials that they are all mere guardians or trustees of the pension fund’s members.
“When a trustee engages in self-dealing, that trustee commits a serious violation of the fiduciary relationship with the fund owner or the principal,” Pimentel said.
The SSS was hit by a scandal after senior executives overseeing the pension fund’s stock investments were found gainfully trading for themselves based on tips and other benefits, including lucrative initial public offering (IPO) share allocations they obtained from accredited brokers.