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80jili ph Recently, the Commission on Audit (COA) En Banc affirmed that there was nothing irregular in Development Bank of the Philippines’ (DBP) sale of Philex Mining Corp (PMC) shares in 2009. Recall that the DBP Audit Team filed a notice of charge which alleged that DBP incurred a “loss of opportunity trading gain” of P412.50 million when it sold the PMC shares to DVRI in November 2009, given that 27 days later the PMC shares rose from its selling price of P12.75 per share to P21 per share. Before proceeding, this writer discloses that he was once a DBP Executive Vice President who joined DBP way after the questioned transaction. In my former position, however, I learned about the many careers that were derailed by the charge and the negative morale effect of the very public case on the people inside the bank. It is also a fact that a junior officer tragically passed away, allegedly due to depression from “show cause” letters regarding said incident. Without commenting on the case merits, it is established that the COA has decided that the difference in sale price is because of the volatility and speculative nature of stock market trading. The COA noted that despite the variance between the sale price in November 2009 and December 2009, DBP did not suffer an actual loss. Similarly, in 2014, the Sandiganbayan already threw out a related criminal case for alleged behest loans in connection with the sale of PMC shares. It took 15 years to finally put to rest any question of irregularity. While the COA's decision provides some resolution, the case has already caused significant damage to affected individuals. Another example is the accounting firm Arthur Andersen (AA) that was dissolved in 2002 following allegations related to the Enron scandal. In 2005, the US Supreme Court overturned AA’s conviction on the grounds of flawed jury instructions, suggesting that the legal process was not entirely fair. Although AA's role in the Enron scandal is undeniable, some argue that the consequences were overly severe and had broader negative impacts. The action of a few penalized thousands of innocent officers and employees—a question of proportionality. Some would argue that the Enron case was complex, and Anderson was scapegoated for broader systemic issues. The issue of regulators and auditors imposing unfounded penalties is a significant concern, particularly when such actions irreversibly damage careers, reputations, and businesses. Accountability is a fundamental principle of justice, and the question of whether regulators and auditors should be held accountable for errors or overreach is both ethical and practical. Regulators and auditors play a crucial role in ensuring compliance, integrity, and public trust across industries. They act as watchdogs to detect fraud, prevent malpractice, and protect stakeholders. Their authority allows them to investigate, impose penalties, and sometimes even revoke licenses or certifications. However, this power must be exercised judiciously and transparently because of its far-reaching consequences. When regulators or auditors make errors, the consequences for the subjects can be severe. Consider the following consequences: First, reputational damage. A publicized penalty or adverse finding can irreparably harm an individual’s or organization’s reputation, even if later reversed. Second, financial losses can be substantial. Fines, legal fees, and lost business opportunities can have long-term financial implications. Third, the emotional and career impacts can be devastating. Professionals may lose their careers, livelihoods, and professional standing due to accusations later proven unfounded. There is a compelling argument for holding regulators accountable when their actions are found to be erroneous or excessive. Individuals and organizations harmed by wrongful penalties should have avenues for compensation, akin to suing for damages in cases of negligence or malpractice. Regulators should be required to demonstrate due process, ensuring their findings are well-supported and fair before imposing penalties. Independent oversight bodies could review regulatory decisions to minimize errors and ensure fairness. Regulators should publicly acknowledge their errors, much like subjects are publicly penalized for wrongdoing. The critical issue is how to balance authority and accountability. Regulators need sufficient authority to act decisively, especially in urgent situations. Excessive fear of being held accountable could result in regulatory paralysis, where they avoid taking necessary actions. Many regulatory issues involve complex and evolving facts, which can lead to genuine error. Determining whether an error was due to negligence or unavoidable circumstances is often difficult. A fair and transparent process is essential to assess the circumstances of each case. Likewise, if regulators are overly penalized for their efforts, it may open the door for frivolous or retaliatory lawsuits, undermining their effectiveness. Regulators and auditors must be held to high standards of accountability, just as the subjects they oversee are. While they are essential for maintaining order and trust, their authority must be exercised with care and responsibility. Implementing mechanisms for oversight, redress, and transparency can help achieve a balance. The aim is to ensure justice for all parties concerned. (Benel Dela Paz Lagua was previously EVP and Chief Development Officer at the Development Bank of the Philippines. He is an active FINEX member and an advocate of risk-based lending for SMEs. Today, he 1 is an independent director in progressive banks and in some NGOs. The views expressed herein are his own and do not necessarily reflect the opinion of his office as well as FINEX.)Team India star Virat Kohli once again let the team down with a horrible dismissal during India's second innings on Day 5 of the ongoing 4th Test against Australia at the MCG on Monday. New Delhi: Virat Kohli went chasing an outside off delivery once again to get out cheaply during India’s second innings on Day 5 of the 4th Test against Australia at the Melbourne Cricket Ground (MCG) in Melbourne on Monday. Aussie pacer Mitchell Starc exploited Kohli’s weaknesses with an outside off delivery to send him packing cheaply on just 5 off 29 balls. It was a horrible dismissal for the Team India star, who has been facing intense criticism for getting out in a similar fashion throughout the series. Kohli’s weakness with the deliveries on the sixth stump line has been exploited heavily by the Australian pacers and has resulted in low returns for the senior India batter. Kohli once again let India down with his poor shot selection during the visitors’ second innings on Monday as he went chasing an outside off delivery from Starc in the 27th over. The Indian batter could have left the ball but decided to go for a drive and ended up edging it to Usman Khawaja at slips, who made no mistakes with his catch. Kohli was dismissed on 5, leaving India in a huge spot of bother at 33/3 in their 340-run chase against Australia in their second innings at the MCG. Kohli was expected to step up and deliver after India were set a strong target of 340 runs by Australia on the final day, but the India star endured yet another flop show to leave the team reeling. Watch Mitchell Starc exploits Virat Kohli’s weakness to dismiss him in 4th Test: Virat Kohli’s struggles in Border Gavaskar Trophy 2024-25 There were question marks over Kohli’s form heading into the Border-Gavaskar Trophy 2024-25 after his poor show in the home Test series against New Zealand. However, some of those doubts were buried after the senior India batter started the series emphatically with a century in the 1st Test against Australia in Perth. But ever since, Kohli has struggled to deliver for India and has been dismissed cheaply consistently in the last three Test matches. The India star has managed only 62 runs for India in their last three Test matches against Australia. His scores in his last six innings read – 7, 11, 3, 36 and 5. Kohli’s form has further enhanced India’s troubled in their batting line-up in the series so far. Click for more latest Cricket news . Also get top headlines and latest news from India and around the world at News9. Abhishek reports on all things sports for News9. He has been covering cricket extensively for more than five years now and is a keen follower of the game. From preserving newspaper cuts of his favourite sporting heroes to playing the game himself and then covering it from close quarters, cricket has stayed with him since childhood. He started his career with NewsX and has worked for some of the leading news organisations in the country, including Times Now and WION. He will probably be busy watching cricket/football when not crafting stories on sports and its heroes. Latest News

Facebook Twitter WhatsApp SMS Email Print Copy article link Save BOSTON — Forty years ago, Heisman Trophy winner Doug Flutie rolled to his right and threw a pass that has become one of college football’s most iconic moments. With Boston College trailing defending champion Miami, Flutie threw the Hail Mary and found receiver Gerard Phalen, who made the grab while falling into the end zone behind a pair of defenders for a game-winning 48-yard TD. Flutie and many of his 1984 teammates were honored on the field during BC’s 41-21 victory over North Carolina before the second quarter on Saturday afternoon, the anniversary of the Eagles’ Miracle in Miami. “There’s no way its been 40 years,” Flutie told The Associated Press on the sideline a few minutes before he walked out with some of his former teammates to be recognized after a video of The Play was shown on the scoreboards. People are also reading... Margaret Atwood OSU event altered over threats Tree farm fiasco has Corvallis homelessness under microscope The real reason Corvallis' Pastega Lights moved to Linn County Bomb cyclone, flood risk in Benton County this week Albany's Joel Dahl pleads guilty to sex crime involving minor Strike over: Benton County, union reach tentative deal What's available from Benton County services as strike nears Week 2 Philomath woman suspected in Eugene Airport bomb scare Sweet Home man sentenced for crash that injured his daughter In trying to flee, suspect accused of driving over Albany police officer American flag thrown by driver fleeing Benton County deputies OSU football: It's time to look ahead to next year OSU football: Beavers' season hits a new low in loss at Air Force Albany dog badly hurt, possibly shot, during brief escape Tensions rise, as Albany strike enters second week A statue commemorating Doug Flutie's famed "Hail Mary" pass during a game against Miami on Nov. 23, 1994, sits outside Alumni Stadium at Boston College. Famous football plays often attain a legendary status with religious names like the "Immaculate Reception," the "Hail Mary" pass and the Holy Roller fumble. It’s a moment and highlight that’s not only played throughout decades of BC students and fans, but around the college football world. “What is really so humbling is that the kids 40 years later are wearing 22 jerseys, still,” Flutie said of his old number. “That amazes me.” That game was played on national TV the Friday after Thanksgiving. The ironic thing is it was originally scheduled for earlier in the season before CBS paid Rutgers to move its game against Miami, thus setting up the BC-Miami post-holiday matchup. Boston College quarterback Doug Flutie rejoices in his brother Darren's arms after B.C. defeats Miami with a last second touchdown pass on Nov. 23, 1984, in Miami. “It shows you how random some things are, that the game was moved,” Flutie said. “The game got moved to the Friday after Thanksgiving, which was the most watched game of the year. We both end up being nationally ranked and up there. All those things lent to how big the game itself was, and made the pass and the catch that much more relevant and remembered because so many people were watching.” There’s a statue of Flutie winding up to make The Pass outside the north gates at Alumni Stadium. Fans and visitors can often be seen taking photos there. “In casual conversation, it comes up every day,” Flutie said, when asked how many times people bring it up. “It brings a smile to my face every time we talk about it.” A week after the game-ending Flutie pass, the Eagles beat Holy Cross and before he flew off to New York to accept the Heisman. They went on to win the 49th Cotton Bowl on New Year’s Day. Boston College quarterback Doug Flutie evades Miami defensive tackle Kevin Fagan during the first quarter of a game on Nov. 23, 1984, in Miami, Fla. “Forty years seem almost like incomprehensible,” said Phalen, also standing on the sideline a few minutes after the game started. “I always say to Doug: ‘Thank God for social media. It’s kept it alive for us.”’ Earlier this week, current BC coach Bill O’Brien, 55, was asked if he remembered where he was 40 years ago. “We were eating Thanksgiving leftovers in my family room,” he said. “My mom was saying a Rosary in the kitchen because she didn’t like Miami and wanted BC to win. My dad, my brother and I were watching the game. “It was unbelievable,” he said. “Everybody remembers where they were for the Hail Mary, Flutie pass.” Sports Week in Photos: Tyson vs. Paul, Nadal, and more Mike Tyson, left, slaps Jake Paul during a weigh-in ahead of their heavyweight bout, Thursday, Nov. 14, 2024, in Irving, Texas. (AP Photo/Julio Cortez) In this image taken with a slow shutter speed, Spain's tennis player Rafael Nadal serves during a training session at the Martin Carpena Sports Hall, in Malaga, southern Spain, on Friday, Nov. 15, 2024. 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(AP Photo/Julia Demaree Nikhinson) Georgia's Georges Mikautadze celebrates after scoring his side's first goal during the UEFA Nations League, group B1 soccer match between Georgia and Ukraine at the AdjaraBet Arena in Batumi, Georgia, Saturday, Nov. 16, 2024. (AP Photo/Tamuna Kulumbegashvili) Dallas Stars center Mavrik Bourque, right, attempts to score while Minnesota Wild right wing Ryan Hartman (38) and Wild goaltender Filip Gustavsson (32) keep the puck out of the net during the second period of an NHL hockey game, Saturday, Nov. 16, 2024, in St. Paul, Minn. (AP Photo/Ellen Schmidt) Mike Tyson, left, fights Jake Paul during their heavyweight boxing match, Friday, Nov. 15, 2024, in Arlington, Texas. (AP Photo/Julio Cortez) Italy goalkeeper Guglielmo Vicario misses the third goal during the Nations League soccer match between Italy and France, at the San Siro stadium in Milan, Italy, Sunday, Nov. 17, 2024. (AP Photo/Luca Bruno) Cincinnati Bengals tight end Mike Gesicki (88) celebrates after scoring a touchdown against the Las Vegas Raiders during the second half of an NFL football game in Cincinnati, Sunday, Nov. 3, 2024. (AP Photo/Carolyn Kaster) President-elect Donald Trump attends UFC 309 at Madison Square Garden, Saturday, Nov. 16, 2024, in New York. (AP Photo/Evan Vucci) Fans argue in stands during the UEFA Nations League soccer match between France and Israel at the Stade de France stadium in Saint-Denis, outside Paris, Thursday Nov. 14, 2024. (AP Photo/Thibault Camus) Slovakia's Rebecca Sramkova hits a return against Danielle Collins, of the United States, during a tennis match at the Billie Jean King Cup Finals at the Martin Carpena Sports Hall, Thursday, Nov. 14, 2024, in Malaga, southern Spain. 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Wednesday, December 4, 2024 Facebook Instagram Twitter WhatsApp Youtube Personal Finance Education Entertainment Jobs Alert Sports Hindi Technology Complaint Redressal. Fact-Checking Policy Correction policy Authors and Team DNPA Code of Ethics Onwership and Funding Cookie Policy Terms of Service Disclaimer Contact US About Us More Search Home India Electricity bill for three months will be received at once in December;... India Electricity bill for three months will be received at once in December; Know the reason By Shyamu Maurya December 4, 2024 0 8 Share Facebook Twitter Pinterest WhatsApp Telegram Electricity bill for three months will be received at once in December; Know the reason Electricity bill: In Dhanbad, more than 2.5 lakh electricity consumers did not receive their bills in November, due to which they are upset. In December, all the consumers will get electricity bills for three-four months together, so that they can pay the amount if it is more... Dhanbad, Correspondent: More than 2.5 lakh electricity consumers did not receive their bills in November. People are upset because of this. Dhanbad Area Board has more than 5.7 lakh connections. In December, all consumers will receive electricity bills for three to four months together. If the bills are more than this, people will face problems in paying them. All the Urja Mitras of Dhanbad and Chas Circle under Dhanbad Area Board were on strike from 1st October to 20th November demanding payment of honorarium for August and September. Not a single Urja Mitra prepared the bill for 50 days. Due to this, billing was completely stalled. The departmental employee took the meter reading. Bills were generated from the headquarters and a message of the bill was sent to the mobile of the consumers, which the department later had to cancel because all the bills were wrong. Here, after the payment of honorarium, the Urja Mitras returned to work and all the Urja Mitras started making bills from 21-30 November. 100% bills could not be made in ten days. Due to this, consumers will now get bills of three-four months together. If the amount is more, people will have to face various problems in making the payment. All consumers will get electricity bills in the month of December. Those whose Urja Mitra did not come to make the bill, such people should take a photo of the unit in the meter and send it to the mobile of the Executive and Assistant Engineer of their area. This will send the electricity bill of the consumers. Join Informal Newz Tags electricity bill Share Facebook Twitter Pinterest WhatsApp Telegram Previous article Aadhar Card: Only 12 days are left for free update of Aadhar, avail the free service immediately Shyamu Maurya Shyamu has done Degree in Fine Arts and has knowledge about bollywood industry. He started writing in 2018. Since then he has been associated with Informalnewz. In case of any complain or feedback, please contact me @informalnewz@gmail.com RELATED ARTICLES Personal Finance Aadhar Card: Only 12 days are left for free update of Aadhar, avail the free service immediately December 4, 2024 Personal Finance EPFO changed the rules for claiming PF, know which documents will be required December 4, 2024 Personal Finance FD Rate: Karnataka Bank is offering 8% interest on FD, check interest rate December 3, 2024 - Advertisment - Most Popular Aadhar Card: Only 12 days are left for free update of Aadhar, avail the free service immediately December 4, 2024 EPFO changed the rules for claiming PF, know which documents will be required December 4, 2024 FD Rate: Karnataka Bank is offering 8% interest on FD, check interest rate December 3, 2024 School Holiday 2024: Big relief for students! Now schools will remain closed for so many days, instructions issued December 3, 2024 Load more Recent Comments Gul Mohiudin on Kavita sister-in-law wore a sari without a blouse, seeing the pictures you will also be... Venkatesh on Urfi Javed crossed all limits, wore a front open hoodie top without inner, see photos and videos Gul Mohiudin on Malaika Arora came out in a backless strappy dress late at night, someone had to handle the gown and someone held her hand Gul Mohiudin on Priyanka Chopra reached award function without bra, shame had to be saved repeatedly in open jacket Venkatesh on Disha Patani shared a bo*ld picture while taking a bath, seeing Tiger Shroff’s heart beat will increase EDITOR PICKS Aadhar Card: Only 12 days are left for free update of Aadhar, avail the free service immediately December 4, 2024 EPFO changed the rules for claiming PF, know which documents will be required December 4, 2024 FD Rate: Karnataka Bank is offering 8% interest on FD, check interest rate December 3, 2024 POPULAR POSTS Aadhar Card: Only 12 days are left for free update of Aadhar, avail the free service immediately December 4, 2024 EPFO changed the rules for claiming PF, know which documents will be required December 4, 2024 FD Rate: Karnataka Bank is offering 8% interest on FD, check interest rate December 3, 2024 POPULAR CATEGORY Personal Finance 17793 Entertainment 17067 India 4438 News 3785 Technology 2234 Jobs Alert 786 Travel 652 Education 451 ABOUT US INFORMALNEWZ brings the Latest News & Top Breaking headlines on Politics and Current Affairs. 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