In re San Miguel Corp. v. Corporate Governance and Finance Department

November 21, 2017SEC EN BANC CASE NO. 04-12-255IN THE MATTER OF SAN MIGUEL CORPORATION, appellant, vs. CORPORATE GOVERNANCE AND FINANCE DEPARTMENT, formerly the Corporation Finance Department, appellee.FOR : Appeal from SEC-CFD's Letter dated 20 March 2012 on the Imposition of Fine/Penalty for Violation of SRC Rule 23 (Filing of SEC Forms 23-A and 23-B)DECISIONFor the consideration of the Commission En Banc is the Memorandum on Appeal 1 filed by appellant San Miguel Corporation (SMC) on 17 April 2012 assailing the Letter-Order dated 20 March 2012 (Assailed Order) issued by the then Corporation Finance Department (CFD), now the Corporate Governance and Finance Department (CGFD). The pertinent portions of the Assailed Order of the CFD read as follows:"Please be informed that the reasons cited therein are without merit. Reporting persons are strictly mandated to comply with the requirements of the Securities Regulation Code and its Implementing Rules and Regulations particularly SRC Rule 23. In view thereof, the company is hereby assessed a penalty of Seven Hundred Sixty Nine Million Two Hundred Ninety Three Thousand Nine Hundred Sixty...