MANILA, Dec. 4 -- The corporate registrations of Discaya-owned St. Timothy Construction Corporation and St. Gerrard Construction General Contractor and Development Corporation have been revoked by the Securities and Exchange Commission (SEC) for submitting incorrect beneficial ownership information.

In two separate resolutions dated Nov. 26, the SEC Enforcement and Investor Protection Department (EIPD) also directed the companies to pay PHP2 million each as penalties and administrative fine of PHP1,000 per day of continuing violation in line with Section 158 of Republic Act No. 11232, or the Revised Corporation Code.

In a press release on Thursday, the SEC cited the statement made by Cezarah Rowena Cruz-Discaya, during a hearing of the ...