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In a statement Thursday, the DOJ stressed that the “novel concept of an ‘independent director’ was not contemplated by Republic Act 7638 or the law creating the DOE.
Lawyer Raphael Perpetup Lotilla may occupy the post of energy secretary even if he served as an independent director in power firms Aboitiz Power and Exenor, the Department of Justice said on Thursday.
MANILA - The Department of Justice (DOJ) on Thursday said there is no legal obstacle to the appointment of lawyer Raphael Lotilla as the country's new energy secretary. In a statement, the DOJ said it believes that his nomination as the Department of Energy (DOE) secretary is "valid and lawful" even as Lotilla served as an independent director of Aboitiz Power Corporation and Ace Enexor. "The position of the department is that the appointment should be valid given that an independent director does not fall within those prohibited by the Department of Energy Act of 1992,"...
MANILA - The Securities and Exchange Commission (SEC) has revoked the corporate registration of Wellcons Unlimited Systems Inc. for employing a "double-your-money" scheme to illegally solicit investments from the public. In an order dated July 5, the SEC Enforcement and Investor Protection Department (EIPD) found that Wellcons has been publicly offering and selling securities without the necessary secondary license from the commission. In doing so, Wellcons committed an ultra vires act under Section 44 of Republic Act No. 11232, otherwise known as the Revised Corporation Code of the ...
The Securities and Exchange Commission (SEC) has revoked the corporate registration of Wellcons Unlimited Systems, Inc. for illegally solicit investments from the public through a “double-your-money” scheme that resembles a Ponzi scam. In its order, the SEC Enforcement and Investor Protection Dep