Conglomerate San Miguel Corp. said it paid the P2.77-million fine imposed by the Securities and Exchange Commission for late filing of a reportorial requirement when it acquired a stake in Manila Electric Co.
San Miguel said in a disclosure to the stock exchange it made the payment after the Court of Appeals ruled that the penalty imposed earlier by the SEC was in excess of the limits.
The SEC in November 2017 issued an order penalizing San Miguel in the amount of P769.29 million for the late filing of an initial statement of beneficial ownership of securities when it acquired a significant stake in Meralco in 2011, and on subsequent change in beneficial ownership when San Miguel sold a portion of the Meralco stake to unit San Miguel Purefood Co. Inc.
San Miguel appealed the order with the SEC en banc, saying the late filing was due to “inadvertence.”
The appellate court a year later ruled in favor of San Miguel that resulted in the reduction of the penalty.