Uniwide appeals SEC decision

MANILA, Philippines - The Uniwide Group has sought relief before the Court of Appeals (CA) against a decision of the Securities and Exchange Commission (SEC) last May to dissolve its six companies and place it under government receivership.

In a three-page motion filed by its lawyers led by Joseph Sagandoy Jr., the firm that used to dominate retail chain business alleged that the SEC “has erred in appreciation of the facts, and has departed from applicable laws and jurisprudential doctrines” in issuing the assailed order.

They said they would file a petition for review of the SEC order, but first asked for more time they needed to “consult with various stakeholders, to review the voluminous records of this case.”

The SEC handed down the ruling last May 30, which was received by the petitioner last June 6. The firm had 15 days or until last June 21 to elevate the case to the SC, but failed to file the petition.

Petitioner asked the CA to give them until July 6 to file the petition, paying in advance the docket fees and submitted pertinent records in support of the petition.

Records showed that Uniwide filed last May 13 a motion asking the CA to order the SEC to act on its long-pending appeal for the agency to let them withdraw from its receivership so they can deal directly with their last remaining creditors on their own and proceed with its 15-year rehabilitation program.

The firm said it was able to recover its finances and settled most of its debts.

But the SEC decided last May 30 to terminate the recovery plan and move for the dissolution of all the group’s companies.