MANILA: The Philippines’ Securities and Exchange Commission is penalising a property holding firm of the country’s richest man for failing to submit reportorial requirements, the latest of a string of brushes between the firm and regulators.
The SEC assessed and ordered directors and officers of Villar Land Holdings Corp., owned by billionaire Manuel Villar, to pay an administrative fine of 1 million pesos (US$17,550) per company official named in the order or an aggregate penalty of 12 million pesos, it said in a statement dated Aug 18.
