Court re­calls ar­rest war­rants vs Al­liance Se­lect ex­ecs

Business World - - Corporate News - Arra B. Fran­cia

AL­LIANCE Se­lect Foods In­ter­na­tional, Inc. said the war­rants of ar­rest against its in­cum­bent of­fi­cials have been re­called, af­ter a Pasig court up­held that th­ese vi­o­lated their right to due process.

In a court rul­ing penned Nov. 20, Branch 70 of the Pasig City Met­ro­pol­i­tan Trial Court or­dered that the war­rants of ar­rest dated July 11 be quashed or re­called against Al­liance Se­lect Pres­i­dent and Chief Ex­ec­u­tive Of­fi­cer Ray­mond K.H. See, Chair­man An­to­nio C. Pacis, and for­mer com­pany of­fi­cials Ge­orge Sy­cip and Jonathan Y. Dee.

The court said the war­rants were is­sued pre­ma­turely and in de­nial of the de­fen­dants’ right to a full pre­lim­i­nary in­ves­ti­ga­tion by the De­part­ment of Jus­tice (DoJ) in de­ter­min­ing prob­a­ble cause.

The war­rants of ar­rest were is­sued in re­la­tion to in­spec­tion charges filed by Sin­ga­porean share­holder Hedy S.C. Yap-Chua, who re­quested for an in­spec­tion of the com­pany’s books and records.

Ms. Yap-Chua ques­tioned Strong Oak, Inc.’s P563-mil­lion pri­vate place­ment in Al­liance Se­lect back in 2014, which ef­fec­tively di­luted Sin­ga­pore­ans’ hold­ings to 24.52% from 34.4%.

She then said that the com­pany’s re­fusal to open up their books con­sti­tutes a vi­o­la­tion of Sec­tions 74 and 75 in re­la­tion to Sec­tion 144 of the Cor­po­ra­tion Code.

Sec­tion 74 of the Cor­po­ra­tion Code states that “ev­ery cor­po­ra­tion shall keep and care­fully pre­serve at its prin­ci­pal of­fice a record of all busi­ness trans­ac­tions...,” while Sec­tion 75 de­tails the rights of any stock­holder or mem­ber of the com­pany to be granted ac­cess to records such as their lat­est fi­nan­cial state­ment.

Along­side the re­call of the war­rants, the Pasig Court also ruled that the cases against Al­liance Se­lect of­fi­cials be re­turned to the DoJ through its state pros­e­cu­tors, so that it may com­plete the pre­lim­i­nary in­ves­ti­ga­tion and re­solve pend­ing mo­tions for re­con­sid­er­a­tion. —

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