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Sunday, 15 August 2010 20:15 

http://businessmirror.com.ph/index.php?option=com_content&view=article&id=28967:sec-unit-wants-further-sanctions-on-first-galleon&catid=33:economy&Itemid=60

A DIVISION of the Securities and Exchange Commission (SEC) is now seeking to strip a recently suspended mutual fund of its right to sell securities to the public following its “continuing failure” to comply with the law.

The SEC, in an en banc decision dated May 13, had already suspended the registration of securities of First Galleon Family Fund Inc. starting May 17 for various violations to securities regulations.

These include the failure of First Galleon to submit a certified copy of its bank statements for the year ended December 31, 2008, and from January to September 30 last year, a board resolution adopting the fund’s Antimoney Laundering Manual and certificate of attendance to an anti-Money laundering seminar conducted by the local central bank.

The SEC said the fund also failed to publish its net asset value (NAV) and pay the corresponding fines for the violation. The NAV represents an entity’s  assets less liabilities and is sometimes divided by the number of shares outstanding held by investors.

In addition, the mutual fund has failed to “effect redemption of shares” to clients within seven days in violation of ICA Rue 35-1 (e)(5). The corporate regulator has already imposed an P85,000 penalty on January 12. 

“In view of the foregoing noncompliance with SEC-CFD Order No. 146, Series 2010, it is respectfully recommended that the fund’s registration of securities and certificate of permit to sell securities to the public be revoked,” wrote Corporation Finance Department head Justina F. Callangan in a memorandum dated August 2.

“Notwithstanding the said revocation, the fund shall continue processing requests for redemption of investments,” she added.

The SEC had scheduled a hearing for revocation set on July 28; however, no representative of First Galleon appeared on that date.

First Galleon Family Fund is being operated by First Galleon Management Corp. (FGMC), a company registered in 1990.

Present officers of the firm include  president Gaizka Garamendi, Juan Jose Chua, Eduardo F. Sebs, Roldan R. Jamindang, Conchita R. Castro and Roberto Genuino.

Among FGMC’s original incorporators and directors is Alejandro Barin, the husband of incumbent SEC chairperson Fe B. Barin.

Mr. Barin is no longer a director of FGMC.

Prior to its suspension, First Galleon said first quarter 2010 sales only amounted to P10,000 while redemptions amounted to 54,967. It added that it has a total of 534 active accounts.

The SEC said it continued to receive “complaints” regarding First Galleon’s failure to effect redemption of shares within the seven-day period.

In the same period, First Galleon said its NAV per share amounted to P0.6871, an increase from P0.6866 at the end of 2009. The fund’s net income in the first quarter dropped to P11,120 from P35,000 during the same period in 2009.

First Galleon blames the Asian financial crisis in 1997, when it said the investment markets “suffered dramatic declines” in valuations. It was then that the mutual fund liquidated all assets in listed equities on the Philippine Stock Exchange even at a loss.

The bulk of its P15.38 million in assets are invested under “short-term cash investments.”

The SEC earlier said the suspension of First Galleon will be “without prejudice” to further investigation by its Market Regulation Division on alleged deposit-taking activities of certain individuals of First Galleon and another local firm Equitable Securities Inc. (ESI).

In a March 22 memorandum, the SEC warned investors against participating in First Galleon’s “Smart/Super Smart Savings Program.”

The program required investors to make monthly remittances to ESI until the amount reaches the P18,000 “threshold” amount to purchase First Galleon shares.

The SEC said soliciting securities on an installment basis is “expressly prohibited” and in violation of SRC Rule 35-1.