LBC Express Holdings, Inc. has received a preliminary assessment from the Markets and Securities Regulation Department (MSRD) of the Securities and Exchange Commission (SEC) regarding fines amounting to Php 195,000.
The assessment pertains to the alleged failure or delayed filing of the Corporation’s General Information Sheets and Audited Financial Statements for certain years between 1996 and 2014.
The SEC-MSRD has provided LBC Express an opportunity to comment or raise objections to this initial assessment.
LBC Express Holdings, Inc. is currently clarifying the basis of the assessment notice with the SEC.
The Corporation notes that the current majority and controlling shareholder, LBC Development Corporation, only assumed control of the Corporation after 2014, and the alleged infractions occurred before this period.
LBC Express remains committed to addressing this matter and will provide updates as developments arise.
