Property

SEC OKs settlement offer of Batangas resort

The Securities and Exchange Commission has reached a settlement agreement with Seashore Beach Club Inc. which was found to have violated the Securities Regulation Code

Seashore submitted an offer of settlement amounting to P3.67 million or half of the imposable penalty.

Under its approved settlement offer, a 30% downpayment amounting to P1.125 million had been paid by Seashore last Feb. 9.

The remaining 70% balance amounting to P2.545 million shall be paid in 6 equal monthly installments through the issuance of post-dated checks every last Monday of the month.

As a result, rhe SEC has lifted its advisory against Seashore, which is led by its president and chairman Arnel S. Mindanao.

He also heads MAV Discovery Beach Resort Development Corp. which is also the subject of an SEC advisory for selling club shares without the necessary authority from the SEC.

Both Seashore and MAV Discovery were found offering club shares amounting to P834,900 for a project in San Juan Batangas, and P1.035 million for a project in Coron, Palawan.

Both Seashore and MAV Discovery promise 30% of the annual income from the project to be divided among the members.

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