In Re: Forum Pacific, Inc.
SEC-CFD Order No. 087-06 • Securities and Exchange Commission Departments • Corporate Governance and Finance Department (CGFD) • Jul 25, 2006
Full text
July 25, 2006 SEC-CFD ORDER NO. 087-06 IN RE: FORUM PACIFIC, INC. VIOLATION OF SRC RULE 17.1 ORDER Before the Commission is the pending request filed by FORUM PACIFIC, INC. for reconsideration of the following penalties imposed against it for late filing of its 2003 and 2004 Annual Reports as well as its 1st Quarter Report for 2004 and its 1st and 2nd Quarter Report for 2005, in violation of SRC Rule 17.1: Rule Violated Frequency of Imposable Penalty Violation per Offense Applying the 2005 Consolidated Scale of Fines SRC Rule 17.1 (A) (i)- 3rd Offense P316,000.00 2003 Annual Report (SEC Form 17-A) SRC Rule 17.1 (A) (ii)- 2nd Offense P76,100.00 1st Qtr. Report 2004 (SEC Form 17-Q) SRC Rule 17.1 (A) (i)- 4th Offense Suspension/Revocation 2004 Annual Report (SEC Form 17-A) SRC Rule 17.1 (A) (ii)- 3rd Offense P168,000.00 1st Qtr. Report 2005 (SEC Form 17-Q) SRC Rule 17.1 (A )(ii)- 4th Offense Suspension/Revocation 2nd Qtr. Report 2005 (SEC Form 17-Q) On February 1, 2006, Atty. Arsenio A. Alfiler, Jr., Office Counsel and Mr. Armando J. Ponsaran, Jr., Senior Manager of Forum Pacific, Inc. attended a hearing before the CFD to explain why the registration of its securities should not be suspended or revoked in view of its numerous violations of the Securities Regulation Code and its Implementing Rules and Regulations. Thereafter, the company submitted a letter dated February 7, 2006 requesting a reduction of the penalty imposed. The Commission in its meeting on May 4, 2006 RESOLVED to deny the said request for lack of merit and imposed the above-mentioned penalties pursuant to the Consolidated Scale of Fines of 2005. WHEREFORE, the registration of securities of FORUM PACIFIC, INC. is hereby SUSPENDED for a period of sixty (60) days from the receipt of this Order, OR upon payment of the aforementioned penalties, whichever comes first. Failure of the company to comply with the foregoing ORDER within the specified period shall constrain the Commission to proceed with the revocation of the company's registration of securities and Certificate of Permit to Sell Securities without need for further notice and hearing. SO ORDERED. EDSA, Mandaluyong. July 25, 2006. (SGD.) JUSTINA F. CALLANGAN Director
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