The owners of Magnum Air Inc. said they are confident of resolving the issue surrounding the 80-seater aircraft seized by the Bureau of Customs.
Magnum Air chief executive Patrick Tan said in a statement the new management team wanted to settle their liabilities but without the penalties cited by the government. He said the company should not shoulder the penalties.
Tan added that the issue over the plane was just one of several irregularities they discovered during an internal compliance audit and corporate restructuring that began December 2016.
The aircraft was legally admitted upon first importation as shown by documents submitted to the BoC seizure proceedings. An internal audit result was supplied to the BoC Port of Subic, prior to the warrant of seizure and detention in May 2017, when the current management long submitted its intention to settle any tax and duty obligation that may be legally due on the aircraft.