Sycip scion, 4 other officers Alliance Select Foods sued for violation of Corporation Code
Government prosecutors recommended the indictment of five officers of a tuna processing firm including the son of late bookkeeper Washington Sycip after they were accused of refusing to open the company’s records to shareholders.
Facing charges were the officers of Alliance Select Foods International, namely, Board of Directors Chairman George Sycip; assistant corporate secretary Annsley Bangkas; and board of directors members Alvin Dee, Jonathan Dee, and Ibarra Malonzo for violation of Sections 74 and 75, in relation to Section 144 of the Corporation Code of the Philippines.
“After careful scrutiny of the facts and evidence on record, we find that probable cause exists to charge respondents with violation of Sections 74 and 75, in relation to Section 144 of the Corporation Code,” the eight-page resolution read.
“The elements of the crime committed by the respondents are present in the instant case,” it added.
The resolution overturned the previous resolution dismissing the complaint against the younger Sycip and his co-respondents.
Acting on a petition for review filed by the complainants, the Department of Justice has found probable cause to indict the respondents for the violation of the Corporation Code.
The DoJ noted the complainants, through their representative Dr. Hong Hin Kay who is also a stockholder and board member, sought to inspect the books and records “due to the ‘substantial financial downturn’ suffered by Alliance which has adversely impacted its share price in the market.”
However, the respondents “denied the said right to inspect by employing a scheme to repeatedly refer the issue between the Board and certain lawyers.“