SEC revokes corporate registration of 2 Discaya firms

The corporate registrations of two companies owned by Curlee and Sarah Discaya, the contractor-couple linked to the flood control corruption scandal, have been revoked by the Securities and Exchange Commission (SEC) for false information on beneficial ownership.

- By RICHMOND MERCURIO

In separate resolutions issued on Nov. 26, the SEC canceled the certificates of incorporation of St. Timothy Construction Corp. and St. Gerrard Construction General Contractor and Development Corp.

The two companies were also directed to pay P2 million each as penalty, plus an administrative fine of P1,000 per day of continuing violation.

St. Timothy and St. Gerrard’s directors were likewise disqualified from working in the same capacity or as officers or trustees of any corporation for a period of five years, as penalty for their failure to ensure the accuracy of the beneficial ownership declaration.