July 12, 2018
SEC EN BANC CASE NO. 12-17-435
(SEC CFD-AA-Case No. 10-03-44)
IN RE: PETITION TO LIFT SEC ORDER OF REVOCATION DATED 26 AUGUST 2002
FIL-SYN CORPORATION, petitioner.
ORDER
This resolves the Petition dated 7 December 2017 filed by FIL-SYN CORPORATION (FIL-SYN), which seeks to lift the 26 August 2002 Order of Revocation of the Effectivity of FIL-SYN's Registration of Securities and Permit to Sell Securities to the Public issued by the Commission's Corporate Finance Department (CFD) pursuant to Section 13.1 of the Securities Regulation Code (SRC). The CFD imposed a fine in the amount of P534,900 (as reduced from the original fine of P2,139,600) because of FIL-SYN's failure to timely file its Audited Financial Statements for Calendar Year 1996, in violation of SRC Rule 17.
On 14 January 2003, FIL-SYN filed a Letter/Motion for Reconsideration with the CFD claiming good faith, which was denied by the CFD in Letter-Order dated 4 March 2003.
On 12 March 2003, FIL-SYN again filed a Letter/Motion for Reconsideration claiming that the penalty is disproportionate to the offense, which was denied by the CFD in...
