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De Venecia dumps SGV after 48 years, taps Reyes Tacandong as Basic Energy’s external auditor

Bilyonaryo Oscar De Venecia has let go of SGV & Co. as external auditor of his publicly-listed Basic Energy Corp.

De Venecia is chair of Basic Energy’s board which approved the appointment of auditing firm Reyes Tacandong & Co. as its new external auditor starting in 2020.

SGV has been the external auditor of the company since 1972 when it was still named Basic Petroleum and Minerals.

Basic Energy said the switch in external auditor was “in line with the corporate governance standards of the company…it is a component of the strategic plans of the company to take on new investment directions and embark on new renewable energy projects to transform the company into a viable and sustainable energy company.”

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