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SEC restores Laguna golf club’s license

Posted on 10:29 PM, May 12, 2010 [ BusinessWorld Online ]

CORPORATE regulators reinstated last week a Laguna-based golf and country club’s license to sell securities after the latter paid penalties and submitted the required documents such as financial statements.
In an order dated May 5, the Securities and Exchange Commission (SEC) lifted the order of revocation for the license of Canlubang Golf and Country Club, Inc.
“It had fully paid the assessed penalty of P125,425 for the late filing of its 2002 annual report and its 2003 SEC form ... it has submitted the additional documents required by the SEC ... it has fully complied with the reportorial requirements under the Securities Regulation Code,” the SEC said in its order, which was posted on its Web site yesterday.
The golf club’s license to sell securities was revoked by the government agency in an order dated Feb. 4, 2004.
The Canlubang Golf and Country Club, one of the largest exclusive golf courses in the country, is known for having one of the most difficult golf courses in Asia.
The 18-hole, 6,929-yard golf course was also one of the venues of the 1999 Philip Morris Golf Classic.
Late last month, corporate regulators revoked the license to operate of companies like Infinite Investments and Finance Corp. and suspended the registration and permit to sell securities of listed Primetown Property Group, Inc.
Both companies were sanctioned by the SEC for failing to submit financial reports. -- N. J. C. Morales

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