philippine law

What is the specific penalty for an independent auditor found to be in collusion with the corporation’s directors?

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What is the specific penalty for an independent auditor found to be in collusion with the corporation’s directors? An independent auditor who, in collusion with the corporation’s directors or representatives, certifies financial statements despite their incompleteness, inaccuracy, or failure to present a fair and accurate condition, shall be punished (SEC. 163, Revised Corporation Code of […]

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What is the penalty for those responsible for the formation of a corporation through fraud?

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What is the penalty for those responsible for the formation of a corporation through fraud? Those responsible for the formation of a corporation through fraud, or who assisted directly or indirectly therein, shall be punished with a fine ranging from Two hundred thousand pesos (P200,000.00) to Two million pesos (P2,000,000.00) (SEC. 164, Revised Corporation Code

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What is the penalty for a corporation that engages in fraudulent conduct of business?

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What is the penalty for a corporation that engages in fraudulent conduct of business? A corporation that conducts its business through fraud shall be punished with a fine ranging from Two hundred thousand pesos (P200,000.00) to Two million pesos (P2,000,000.00) (SEC. 165, Revised Corporation Code of the Philippines). If the fraudulent business conduct is found

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What constitutes prima facie evidence of corporate liability when the corporation is used for graft and corrupt practices?

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What constitutes prima facie evidence of corporate liability when the corporation is used for graft and corrupt practices? A corporation used for fraud or for committing or concealing graft and corrupt practices shall be liable for a fine ranging from One hundred thousand pesos (P100,000.00) to Five million pesos (P5,000,000.00) (SEC. 166, Revised Corporation Code

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What is the penalty imposed on a director, trustee, or officer who knowingly tolerates graft and corrupt practices?

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What is the penalty imposed on a director, trustee, or officer who knowingly tolerates graft and corrupt practices? A director, trustee, or officer who knowingly fails to sanction, report, or file the appropriate action with proper agencies, or who allows or tolerates graft and corrupt practices committed by corporate personnel, shall be punished (SEC. 168,

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What is the penalty for retaliation against a whistleblower under the Code?

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What is the penalty for retaliation against a whistleblower under the Code? A whistleblower is defined as any person who provides truthful information relating to the SEC or possible SEC of any offense or violation under this Code (SEC. 169, Revised Corporation Code of the Philippines). Any person who, knowingly and with intent to retaliate,

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What is the punishment for violations of the Code that are not specifically penalized elsewhere?

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What is the punishment for violations of the Code that are not specifically penalized elsewhere? Violations of any of the other provisions of this Code or its amendments that are not otherwise specifically penalized shall be punished by a fine of not less than Ten thousand pesos (P10,000.00) but not more than One million pesos

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How is the penalty in the Revised Corporation Code imposed if the offender of a violation is a corporation?

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How is the penalty in the Revised Corporation Code imposed if the offender of a violation is a corporation? If the offender of a violation is a corporation, the penalty may be imposed upon the corporation itself and/or upon its responsible personnel (SEC. 171, Revised Corporation Code of the Philippines). At the discretion of the

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How are aiders and abettors penalized for violating the Revised Corporation Code?

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How are aiders and abettors penalized for violating the Revised Corporation Code? Anyone who shall aid, abet, counsel, command, induce, or cause any violation of this Code, or any rule, regulation, or order of the SEC, shall face a penalty (SEC. 172, Revised Corporation Code of the Philippines). The punishment imposed upon these secondary actors

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How is the term “outstanding capital stock” defined under the Revised Corporation Code?

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How is the term “outstanding capital stock” defined under the Revised Corporation Code? The term “outstanding capital stock” is defined as the total shares of stock issued under binding subscription contracts to subscribers or stockholders (SEC. 173, Revised Corporation Code of the Philippines). This total includes shares whether they are fully paid or only partially

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