In re I-Remit, Inc.
SEC-CFD Order No. 074-08 • Securities and Exchange Commission Departments • Corporate Governance and Finance Department (CGFD) • Jul 16, 2008
Full text
July 16, 2008 SEC-CFD ORDER NO. 074-08 IN THE MATTER OF I-REMIT, INC. ORDER ON PAYMENT OF PENALTY The records on file with this Commission show that I-REMIT, INC. has violated Section 54 of the Securities Regulation Code, relative to the deviation of the company from the use of proceeds as disclosed in its final prospectus. As a result, the company was ordered to pay a fine of One Hundred Thousand Pesos (P100,000.00), which it paid on July 14, 2008 as shown by Official Receipt No. 0187374 dated July 14, 2008. In its May 28, 2008 letter, the company likewise represented that it has already reinstated the funds intended to be utilized for the Company's expansion program. The company is admonished to take all appropriate measure to ensure its faithful compliance with its disclosures submitted to the Commission. Any further violation shall subject the company and/or its responsible officers to heavier penalties as may be provided for by law. SO ORDERED. EDSA, Greenhills, Mandaluyong City, Philippines, July 16, 2008. SAHITC (SGD.) JUSTINA F. CALLANGAN Director
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