[ manilatimes.net ] June 6, 2011
THE corporate regulator has suspended the certificate of registration of a club owned by Filinvest Land Inc. (FLI) for the late submission of reportorial requirements .
Documents from the Securities and Exchange Commission (SEC) showed that the certificate of registration and permit to sell securities to the public of Timberland Sports and Nature Club Inc. has been suspended following its untimely filing of SEC Form 17-C or Current Reports for four consecutive years beginning 2008.
The suspension will last 60 days or until the club files the necessary reports and settles the assessed penalty of P56,000 in full.
Failure to settle the penalty within the said time period or file the required reports will prompt the SEC to proceed with the revocation proceedings.
”The company has been constantly filing the required reports beyond the reglementary period provided under the [Securities Regulation Code],” the regulator said.
”The company cannot claim that it has not received the previous first and second show cause/assessment letters because the return slips show that said letters have been received,” the SEC said.
Timberland Sports and Nature Club is a private membership within the masterplanned Timberland Heights, a vast 677-hectare resort town development of FLI in San Mateo, Rizal.
The club is a joint venture between Filinvest AII Philippines Inc. (FAPI) and the Africa Israel Investment (Philippines) Ltd.
FLI acquired 60-percent ownership interest in FAPI by contributing 50 hectares of land for Phase 2 of Timberland Heights, all of the Class “A” member shares in the Timberland Sports and Nature Club held by the property developer and development costs of approximately P100 million.
FLI shares fell P0.02 to close at P1.20 each on Friday.
KRISTA ANGELA M. MONTEALEGRE
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