SMC mulls legal options vs SEC fine
Conglomerate San Miguel Corp. will appeal the P769.29 million fine imposed by the Securities and Exchange Commission for late filing of reportorial requirements.
“As previously advised the exchange, the company shall initiate and file the appropriate proceedings before the proper court to contest the decision rendered by the SEC,” SMC said in a stock exchange filing.
In its order dated Nov. 21, the SEC upheld the Corporate Finance Department’s decision ans directed SMC to pay the P769 million penalty within the next 15 days.
The penalty was a result of SMC’s belated disclosure of its acquisition of a10 percent stake in power utility giant Manila Electric Co. in 2011, the ManilaStandard reported.
SMC was also found to have failed to immediately disclose a change in the beneficial ownership when the food and beverage giant sold a portion of its Meralco stake to subsidiary San Miguel Pure Foods Co. Inc.
In appealing the order, SMC said it filed several disclosures regarding the transactions and that the delay was due to inadvertence.