The SEC said on Monday, November 25, that it issued a resolution last Friday, November 22, imposing fines against companies of Jose Xavier Gonzales – Bengzon's nephew – and Singapore-based equity fund company Viva Holdings for violating 3 sections of the Securities Regulation Code.
The SEC said that this misled the board of directors and other shareholders to approve the increases in the company's capital stock and allow the respondents to increase their shareholdings. The directors and other shareholders of PSI only learned about the deal in 2017, as a consequence of a failed negotiation forThe panel also found that the companies"adroitly circumvented" the prevailing rules to avoid requirements of a mandatory tender offer.
Source: News Formal (newsformal.com)
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