The SEC recommended the revocation last week but before any action is to be taken, public hearings will be conducted to enable the company to present its side.
Aside from MLRC, two other companies have been cited for similar violations: Marcopper Mining Corp. in Marinduque and Tivoli Royale Country Club in Quezon City.
The revocation will cost the companies their licenses to sell shares.
MLRC, a wholly-owned subsidiary of the publicly-listed Mondragon International Phil. Inc., is into leisure and gaming, operating the Mimosa Leisure Estate with a 36-hole championship golf course, a 304-room five-star hotel, various deluxe furnished villas, and a gaming casino.
The SEC cited MLRC’s non-filing of its year 2000 annual report and quarterly reports for the year 2001 as primary reasons for revoking its license to sell securities.
MLRC reported it had no commercial operations in 2000 as an offshoot of the government’s (through Clark Development Corp.) takeover in Dec. 1999 due to a dispute in tax and rental fees. MLRC has filed a civil case against CDC which is pending before the court.