In the Matter of Magdiwang Finance & Investment Corp.
SEC-CFD Order No. 090-06 • Securities and Exchange Commission Departments • Corporate Governance and Finance Department (CGFD) • Jul 31, 2006
Full text
July 31, 2006 SEC-CFD ORDER NO. 090-06 IN THE MATTER OF MAGDIWANG FINANCE & INVESTMENT CORP. SUSPENSION OF CERTIFICATE OF AUTHORITY TO OPERATE AS A FINANCING COMPANY PURSUANT TO R.A. NO. 8556 (THE FINANCING COMPANY ACT OF 1998) ORDER WHEREAS, MAGDIWANG FINANCE & INVESTMENT CORP. was registered with the Commission on August 28, 1980 and a Certificate of Authority to Operate as a Financing Company was issued on September 4, 1992; WHEREAS, verification of the records of the Commission show that the company has continuously: 1. Failed to pay the following: a. Annual Fees for 2004 and 2005; b. Basic fine of P20,000.00 for non-payment of the annual fees mentioned above; 2. Failed to file the following: a. Quarterly Reports for the quarters ended September 30, 2004, December 31, 2004 and for the four (4) quarters of 2005; b. Revised Anti-Money Laundering Operating Manual; and c. Anti-Money Laundering Compliance Form. DcCASI WHEREAS, two (2) assessment letters, dated November 24, 2004 and August 15, 2005, were sent to the company directing it to comply with the reportorial requirements and pay the corresponding penalties, but to no avail; WHEREAS, an Order was issued to the company to show cause why its Certificate to Operate as Financing Company should not be revoked at a scheduled hearing on March 30, 2006, but no representative of the Company appeared at the said hearing; WHEREFORE, premises considered, the Commission, in its meeting held on July 6, 2006, resolved to SUSPEND the Certificate of Authority to operate as a Financing Company of MAGDIWANG FINANCE & INVESTMENT CORP. for a period of SIXTY (60) DAYS from receipt hereof, OR until the required quarterly reports & manuals are submitted and the total penalties settled, WHICHEVER COMES FIRST. Failure of the company to settle the penalty and submit the required reports & manuals within the sixty-day period shall be sufficient ground for the Commission to order the immediate revocation of its Certificate of Authority to Operate as a Financing Company without need for further notice and hearing. SO ORDERED. Mandaluyong City. July 31, 2006. (SGD.) JUSTINA F. CALLANGAN Director
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