April 16, 2019
SEC EN BANC CASE NO. 05-14-333
IN RE: REQUEST FOR WAIVER OF FINES AND PENALTIES
FAIRMONT REAL ESTATE, INCORPORATED (FREI), appellant.
RESOLUTION
For consideration of the Commission En Banc is the Motion to Withdraw Appeal 1 filed by Fairmont Real Estate, Incorporated ("FREI") praying that the appeal be withdrawn and alleging that it is ready and willing to pay the subject fines and/or penalties.
RELEVANT FACTS
FREI is a corporation registered with the Securities and Exchange Commission under SEC Reg. No. 35912.
On 6 January 2014, the Company Registration and Monitoring Department ("CRMD") issued an assessment against FREI in the amount of One Hundred Thirty-Nine Thousand and Thirty Pesos, 91/100 (P139,030.91). 2 FREI asked for a reduction of penalties, 3 the CRMD merely reduced the assessment and retained all other fines and penalties. 4 FREI requested for another reconsideration explaining that the late/non-filing of the reports was due to lack of operations and commercial activities. 5 The CRMD in its reply 6 informed FREI that financial drawbacks will not exempt them from the imposition of penalties.
FREI filed a Notice...
