RSA blasts SEC over excessive fine
Bilyonaryo Ramon S. Ang reiterated that San Miguel Corp. follows and maintains high standards of corporate governance as it assailed the Securities and Exchange Commission’s order directing it to pay a fine of P769.3 million for late filing of reportorial requirements.
SMC is in hot water for late submission of SEC forms 23-A (initial statement of beneficial ownership of securities) and 23-B (statement of changes in beneficial ownership of securities) with respect to its acquisition of shares in power utility giant Manila Electric Co.
Ramon S. Ang, president of SMC, said the conglomerate committed no violation since all the transactions were disclosed in a timely manner to both the PSE and SEC.
“Technically, there was no late disclosure considering the relevant information were provided and disclosed to the SEC and PSE through the submission of SEC form 17-C. As such, the public was adequately and properly informed of the details of the share sale transaction inclusive of the purchase price, number of shares, equivalent percentage shareholdings in Meralco (27 percent) and the terms of the transaction,” Ang said.
“The penalty is highly disproportionate to the infraction attributed to the company considering that the disclosures made by SMC to both SEC and PSE were extensive enough to prevent market speculation and other similar fraudulent acts,” he added.
“Good governance is an integral part of how we do business and we are committed to operating with the highest standards of ethical behavior. With the SEC’s decision, we will be constrained to seek relief from the court. Hopefully, the court will understand and appreciate the position of the company,” Ang said