Philippine Daily Inquirer
7:25 pm | Wednesday, September 26th, 2012
MANILA, Philippines—The Securities and Exchange Commission has fined property developer Sta. Lucia Land Inc. P407,000 for certain alleged violations such as non-compliance with disclosure requirements.
SLI disclosed on Wednesday that it had paid the amount to the corporation finance department of the SEC broken down as follows:
* basic penalty of P25,000 for alleged non-compliance with disclosure requirements on audited financial statements for the year ended 2007; and
* additional daily penalty computed at P500 per day for 764 days in the total amount of P382,000 for alleged failure to reply to the findings of the SEC on the 2007 financial reporting from Sept. 24, 2008, until Oct. 29, 2010.
“While the registrant respectfully disagrees with the imposition of the foregoing penalties, the registrant submits to the decision of the SEC-CFD,” the company disclosure said.
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Tags: Audit , Business , financial statement , Philippines , property , violation
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