Directors and key officers of a subsidiary of the AFP Retirement an Separation Benefits System have been asked to pay penalties that may be imposed by government regulatory agencies and the Quezon City government for various administrative lapses committed by the firm,
Directors and key officers of a subsidiary of the AFP Retirement an Separation Benefits System have been asked to pay penalties that may be imposed by government regulatory agencies and the Quezon City government for various administrative lapses committed by the firm.
As a result, MDC did not pay for various government imposed annual fees such as the annual registration fee, annual information of its employes and did not file monthly, quarterly and annual tax returns. The COA report written by COA Director Ma. Lisa P. Inquillo was sent to Col. Normal Legaspi , MDC chairman and president and members of the firm’s board of directors just recently.
So far, the MDC has stopped holding annual stockholders and monthly regular meetings, stopped conducting elections and failed to comply with the reportorial requirements of the Securities and Exchange Commission.
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