Montemar was imposed a P2.01 million fine for failing to comply with Rules 17 and 20 of the Securities Regulation Code (src).
The suspension of Montemar’s permit to sell securities is effective for a period of 60 days or until such time that the company is able to file the required reports and settle the assessed penalties, whichever comes first.
The SEC suspended Montemar’s permit to sell securities after the company failed to show up at the hearing called by the Corporation Finance Department last Sept. 20. The meeting was intended to give the leisure firm the opportunity to explain why its license to sell securities should not be revoked.
The SEC said Montemar’s failure to file the required reports and pay the penalty shall lead to the revocation of the registration of its securities without need for further notice and hearing in accordance with the provisions of the src.