In a letter to the SEC, Tibayan Group chairman Jesus Tibayan said the company was willing to comply with SEC rules but requested that perceived violations of the group be treated in utmost confidentially to protect the firm’s integrity.
Tibayan reiterated that there was no formal complaint filed against the company by any person or by the SEC.
He also reiterated that the Tibayan Group Investment Co. Inc. (TGIC) is a legitimate financial institution, authorized by law to engage in the sale of its registered securities through its principal distributor, TG Asset Management Corp. (TGAMC), a fund manager and adviser.
Tibayan also argued that a mutual fund company may give a guaranteed rate of return on investments made.
In a memorandum of information issued yesterday to the Tibayan group personnel and family, Tibayan said that the published report yesterday was "a deliberate attack from the people whose intention is to destroy the integrity, reputation and the good name of our company that we have molded through time and places."
"To clarify this matter, please be informed that the Securities and Exchange Commission (SEC) as of this date has not officially informed us of any investigation whatsoever being conducted to our Mutual Fund Company. It is our stand and desire to comply and abide to all the provisions of the law in any country were we operate," Tibayan said.