The Pasig City Metropolitan Trial Court (MTC) has ordered the arrest of George Sycip, son of the late tycoon Washington Sycip and four officials of tuna canning company Alliance Select Foods International for alleged violation of the Corporation Code of the Philippines (CCP).
Judge Emmanuel Pimentel of the Pasig City MTC Branch 69 found probable cause against respondents Sycip, Marie Grace Vera Cruz, Antonio Pacis and Raymon K.H. See for violation of Section 74 and 75 in relation to Section 144 of the Corporation Code.
Pimentel set a P10,000 bail for the temporary liberty of the accused.
Under the law, records of all business transactions of the corporation and the minutes of any meetings shall be open to inspection by any director, trustee, stockholder or member of the corporation “and that refusal to allow the records to be examined will be liable for damages and is punishable.”
Section 144 of the CCP states that violators of the code shall be punished with a fine of not less than P1,000 but not more than P10,000 or imprisonment of not less than 30 days but not more than five years.
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