SEC slaps fine on Sta. Lucia Land
MANILA, Philippines - The Securities and Exchange Commission (SEC) slapped a P230,000 fine on Sta. Lucia Land Inc. for late filing of reportorial requirements.
In a letter to the company, the SEC said the fine was imposed after its third violation, when it again filed its 2012 annual report after the deadline.
"Reporting companies are required to timely comply with the requirements of the Securities Regulation Code and its implementing rules and regulations... Considering that it is already the company's third violation of the rule, it is hereby assessed a penalty of P230,000 payable to the SEC within five days from receipt of this letter," the SEC said.
For its part, Sta Lucia said said it has asked the SEC to reconsider the penalty, since this was not its third violation.
"The belated filing of the corporation's annual report with the SEC was due to a misreading of the SEC Memorandum Circular 07 Series 2012, which set a different schedule of filing the annual financial statements depending on the last digit numerical digit of a corporation's SEC registration or license number," Sta Lucia said.