Alliance Select Foods Int'l Inc.
Yari na nman eto mamya

Court orders arrest of Sycip son, other tuna canning firm officials

A metropolitan trial court has ordered the arrest of George Sycip, son of the late business tycoon Washington Sycip, and four other officials of a tuna processing firm for supposed violation of the Corporation Code of the Philippines.

In a ruling dated July 11, Presiding Judge Christian Emmanuel Pimentel of the Pasig City Metropolitan Trial Court Branch 69 directed the arrest of Alliance Select Foods International Inc. chairman Sycip and company officials Jonathan Dee, Marie Grace Vera-Cruz, Antonio Pacis, and Raymond See over the supposed violation of Section 75 and Section 74 in relation to Section 144 of the Corporation Code of the Philippines, which provides that records of business transactions of the company should be open to any stockholder.

"Wherefore, let warrants of arrest be issued for the apprehension of the above-named accused. Accordingly, bail for their provisional liberty is hereby fixed at P10,000 each accuses per case," the ruling read.

In June the Department of Justice (DOJ) indicted the executives for their refusal to allow certain shareholders to inspect the company books.

This came after Alliance shareholder Hedy Yap-Chua requested access to certain documents regarding the company's business operations, but was later told they needed to submit a signed Access Rules and Confidentiality Undertaking, which she found "stringent and restrictive."
(08-06-2018, 02:23 AM)gnod21 Wrote: Yari na nman eto mamya

Court orders arrest of Sycip son, other tuna canning firm officials

...laglagan na Tongue

...ewan Big Grin anlakas kahapon biglang hina naman ngayon Big Grin

Subject of the Disclosure
Alliance Select Posts Breakthrough 2018 First Half Revenue
8-16 usual paglabas ng news sa mga dyaryo, profit taking na mga naunang nakapamili Smile

Alliance Select earnings soar in second quarter

THE attributable profit of Alliance Select Foods International, Inc. soared by 466% in the second quarter of 2018, as the company implemented various sourcing strategies that allowed it to maintain the prices of its tuna and salmon products.

In a regulatory filing, the homegrown international seafood company reported that net income attributable to equity holders of the parent reached $1 million in the April to June period, higher than the $177,945 it posted in the same period a year ago. This came on the back of a 34% increase in net sales to $23.9 million.

For the January to June period, Alliance Select’s attributable profit jumped by 720% to $2.2 million, versus the $268,240 seen in the same period last year. Net sales also firmed up 37% to $47.5 million.

The listed tuna manufacturer attributed the positive performance to “the implementation of several sourcing strategies and improved relationships with stakeholders, allowing the company to offer more value to its customers at sustained prices.”

Alliance Select noted the tuna business alone generated a 58% net revenue increase during the first half.

“Our tuna and salmon segments continue to display its potential in increasing sales and profit, and we plan on taking it to next level through continued innovation of both our products and processes,” Alliance Select President and Chief Executive Officer Raymond K.H. See was quoted as saying in a statement.

Alliance Select launched a new line of tuna products last July, catering to the local market that seeks quality products at an affordable price. The company also announced that it will be upgrading its facilities earlier this year.

“At present, we are already working on upgrading our plant technology and equipment across all our business sectors to strengthen company operations,” Mr. See said.

Incorporated in 2003, Alliance Select distributes its products to foreign markets such as Europe, the United States, Japan, and the Middle East. It has subsidiaries based in the US, Thailand, Indonesia, and New Zealand that handles salmon and seafood processing, canned fish processing, and fishing.


...withdrawn ang charges...yehey! Tongue

Makati R.T.C. agrees to withdraw criminal charges filed vs. Sycip son, 4 others

THE Regional Trial Court (RTC) in Makati City has granted the motion filed by the City Prosecutor’s Office seeking the withdrawal of the criminal cases filed against trader George Sycip, son of the late tycoon Washington Sycip, and four other officials of a tuna-processing company accused of violating the provisions of the Corporation Code of the Philippines.

In an order issued by Makati RTC Branch 148 Presiding Judge Andres Bartolome Soriano, the trial court agreed with Senior Deputy State Prosecutor Emilie Fe de los Santos, that the cases should be withdrawn due to the court’s lack of jurisdiction.

“The Prosecution, through the undersigned Senior Deputy Proscutor, and unto this Honorable Court, most respectfully moves that the above-entitled cases be withdrawn from your office pursuant to Review Resolution dated March 20, 2018, on the ground of lack of jurisdiction of this Court over the imposable penalty pursuant to Supreme Court
Administrative Circular 9-94,” the prosecution’s motion read.

“Wherefore, it is respectfully prayed of this Honorable Court, that the motion to withdraw information together with attachments be granted and given due course in the interest of justice,” it added.

Aside from Sycip, other respondents in the cases are Jonathan Y. Dee, Maria Grace T. Vera-Cruz, Antonio C. Pacis and Raymond KH See, all officials of Alliance Select Foods International Inc.

They were specifically accused of violating Section 74 and 75 in relation to Section 144, of the Corporation Code. Section 74 of the Corporation Code provides that “the records of all business transactions of the corporation and the minutes of any meetings shall be open to inspection by any director, trustee, stockholder or member of the corporation…” and that refusal to allow the records to be examined will be liable for damages and is punishable under Section 144 of the code.

Section 144 states that violators of the code shall be punished by a fine of not less than P1,000 but not more than 10,000 or imprisonment of not less than 30 days but not more than five years. Section 75, meanwhile, underscores the right of any stockholder or member of his right to financial statements. The cases stemmed from the complaint filed by  Singaporean Hedy SC Yap-Chua, then a stockholder and/or director of ASFI, accusing them of arbitrarily withholding its corporate records, including the stock and
transfer records, from her and other stockholders.

Yap-Chua sought the opening of the books of ASFI due to alleged questionable acquisition of Strong Oak Inc. of Alliance’s 430 million shares worth P563.675 million.

The sale has resulted in the dilution of the Singaporeans’ shares from 34 percent to 24 percent.

Yap-Chua has insisted on opening the books of Alliance, but the majority continues to refuse.

“For the reasons stated therein, herein cases are deemed withdrawm,” Judge Sorian said in granting the prosecution’s motion.


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