SEC to decide on FWCC issue

The Securities and Exchange Commission (SEC) will decide next week if it will dissolve the interim management committee (IMC) it created to oversee the operations of cash-strapped First Women's Credit Corp. (FWCC).

SEC Chairman Lilia Bautista said the commission en banc will decide by Tuesday on whether or not to scrap the IMC based on reports that FCWW management already acquired a ruling from the Regional Trial Court supporting its petition to inhibit the SEC-appointed management committee from presiding over the case of the company.

Earlier, FWCC told the SEC it had no intention of complying with the IMC and petitioned the corporate watchdog to withdraw a previous order appointing a hearing officer from further presiding over the case since the officer already prejudged the case as shown in his previous orders.

FWCC said SEC hearing officer George Palmares was manifestly biased when he issued the order last Nov. 17 with undue haste. Palmares granted the appointment of an IMC to take over the management of FWCC.

"From this pronouncement, it is quite clear that the hearing officer already prejudged the case by finding that there was diversion of FWCC funds to the RJ Group of Companies and that there is dissipation, loss and wastage of corporate funds," FWCC said.

FWCC said the order of Palmares stating there is diversion of FWCC fund clearly shows that he has already committed to the petitioner a judgment that is favorable to it.