Burden of proof

A case chanced upon during a journalist’s routinary work was a simple case of unjust vexation that had a questionable resolution.

Under the law, anyone found guilty of the offense may face arresto menor, or imprisonment of from one to 30 days, and penalties ranging from P1,000 to not more than P40,000.

The complainant, who felt aggrieved by the unsavory words questioning his/her authority, decided to file charges.

The prosecutor upon receipt of the complaint set a preliminary hearing but both parties failed to attend, thus it was set for resolution. The complainant, thinking he/she had the upper hand because the respondent did not bother to submit a counter-affidavit, waited for the resolution of the case. To the respondent’s dismay, the case was junked.

The senior assistant prosecutor said in his resolution the complainant had “failed to adduce sufficient evidence and the footage was not supported by an affidavit of evidence as required by law.”

In short, “mere allegations are not evidence,” the prosecutor said in his resolution, but he failed to mention that the defendant had failed to file his counter-affidavit.

Razon races on

Things are looking up for tycoon Enrique Razon as his recent leap to number two in the annual Forbes list of the richest people, including one for Filipinos, has been backstopped by the phenomenal rise in the share price of his International Container Terminal Services Inc. (ICTSI).

The company is currently the top stock index gainer, up by 49.5 percent year-to-date (YTD). The diversification strategy of the company has pushed its shares to new record highs. According to RCBC Securities, the stock brokerage unit of Rizal Commercial Banking Corp. (RCBC), shares of the global port operator still have the potential of a decent upside of 19 percent.

Sustained margins and volume growth across ICTSI’s ports are forecasted as costs and expenses were slower than expected. “Furthermore, we expect further growth in core earnings because of the expected tariff adjustments and its ongoing expansion plans.”

ICTSI logged a first-half core net income of $401.7 million, 24 percent higher year-on-year (y/y). Revenue from port operations reached $1.32 billion, 13 percent higher y/y from tariff adjustments, volume growth, and higher ancillary services. Cash operating expenses grew seven percent to $349.4 million due to volume-related increases and salary-rate adjustments.

Volumes trended higher every quarter by 4.3 percent to 3.2-million TEUs on improved trading activities at its ports.

Volume growth is expected to be sustained through the second half as business confidence improves and as interest rate cuts are likely to start.

The business climate all moving in favor of Razon may nudge him to the pole position in the next Forbes reckoning.