A special hearing panel of the Securities and Exchange Commission has penalized an investor group allied with Jose Xavier Gonzales in relation to the battle for control for The Medical City (TMC). The SEC unit cited the majority shareholders of Professional Services Inc. (PSI), the owner and operator of TMC, for violation of certain rules in the Securities Regulation Code (SRC), particularly a buy-in disclosure requirement as well as the tender offer requirement. The special hearing panel was convened after several shareholders, including PSI chief executive officer Alfredo Bengzon, questioned the acquisition of the company's majority shares by entities related to his nephew, G...
Keep on reading: SEC penalizes Gonzales group amid Medical City row
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