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Here We Go Again!

Damages

At a regular meeting held on Wednesday, 19 March 2014, at the PCCI offices, at which thirteen directors were present, the Board took up and acted on an important issue—-INSPECTION OF THE BOOKS AND RECORDS.   Also present were Atty Rico Quicho,  Asst Corporate Secretary and legal counsel and his assistant.   The Board allegedly  took up the request of a PCCI member to inspect the corporate books and records—-the records of all business transactions and the minutes of any meeting–of the Corporation (PCCI) specified in the request and to obtain a copy of the financial statements,  as is his right under Section 74 and 75 of the Corporation Code of the Philippines.   The Board VOTED to REFUSE inspection of the books and records as requested.   This vote is accounted for as follows:

 

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REFUSE INSPECTION:  Augusto Benedicto S Santos III,  Ronnie Natividad,  Eugene Reyes,  Godofredo Salud,  Ma Nieves San Diego, Simon Sim,  Alfonso Ilagan, William Thio.

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ALLOW INSPECTION:  Milo Valdes,  Maribel Sy.

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ABSTAIN:  Alice Juico,  Jose Damito,  Emmanuel Santos.

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ABSENT:  Blanca Bascon, Roland Gapuz.

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A History of Refusals.

For some reason, PCCI Boards seem averse to having the Corporate books and records inspected by its members.  This is the 4th refusal on record going back to the time of Penny Cham.  Two of the refusals ended up in court suits — one filed by Raymundo Lo and the other by Primo Co et al.  The latter went so far as to end up in actual trial in 2009 against five PCCI officials and Senior Staff.  In both cases, the PCCI had to spend hundreds of thousands of pesos to settle the issues.

A third request for inspection was filed by Tony Sibal.  This request was similarly refused.

So here we go again!