Olongapo SubicBay BatangGapo Newscenter

Wednesday, March 11, 2009

SEC threatens to suspend license of Subic golf club

The Securities and Exchange Commission warned Subic Bay Golf and Country Club that it will suspend its registration statement and permit to sell securities for failure to submit reportorial requirements as provided in the Securities Regulation Code.

The SEC in an order said the company failed to settle assessed penalties for late filing of financial reports from 2007 to 2008 and file information statement for its 2008 annual stockholders’ meeting and a change in its office address.

The SEC set a hearing on Friday on why the company should not be penalized given its violations.

“The company’s failure to appear at the said hearing shall be considered a waiver of its right to be heard with regard to the suspension of its registration of securities and permit to sell securities,” the SEC said.

In 2007, Subic Bay Metropolitan Authority took over the management of Subic Bay Golf and Country Club from Taiwan’s Universal International Group of Developers due to its alleged failure to pay current and arrear accounts.

Universal International Group earlier entered into a lease agreement with SBMA, giving the company a 50-year lease over the 105-hectare Binictican golf course.

The Taiwanese company has been trying to restore possession of the Subic Bay Golf and Country Club and P10 million worth of personal properties and valuables seized during the takeover.

The SEC in January also suspended the registration of securities and permit to sell of two country clubs and revoked the license of three others due to failure to submit reportorial requirements.

Companies whose registration of securities were revoked were Waterworld Theme Park and Country Club Inc., Villa Anna Paradise Resort and Farm Inc. and Italia Country Club Inc.

The companies whose registration statement were suspended were Pamplona Plantation and Country Club Inc. and Buena Vista Park and Country Club Inc. By Jenniffer B. Austria - Manila Standard Today

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