In its petition filed with the SEC, Unioil asked that the penalty be reduced to P135,000 and that it be allowed to pay in installments.
Unioil was fined for its failure to submit the quarterly reports for the first and second quarters of 2002 and to file a notice of its annual stockholders meeting and report on independent directors.
As a result of its continued failure to settle the penalties, the company’s registration statement was eventually revoked by the SEC.
Unioil said it is now ready to submit the said reportorial requirements so that the order of revocation may be lifted accordingly.
"Unioil is prepared to submit the aforementioned reportorial requirements but is unable to pay the whole amount of P235,000 which was assessed as penalties. The unavailability to pay the whole amount is due to the fact that Unioil has been experiencing negative capital deficiency for at least two consecutive years," the company said.
Unioil, however, assured the SEC that management is exerting all efforts to bring the company back to financial stability and viability.
The Philippine Stock Exchange suspended indefinitely the trading of shares of Unioil following the revocation of the company’s permit to sell securities to the public.
Unioil was converted from a gas and oil exploration and development company into a holding company engaged primarily in investment banking and other related concerns like equity and quasi-entity fund mobilization.
Formerly Unioil Exploration and Mineral Development Co. Inc., the company was incorporated by a group of prominent bankers, lawyers and businessmen, most of whom have had extensive experience in oil exploration and minerals development projects.
As a result of its conversion into a holding company, Unioil’s oil exploration assets and liabilities were spun off into another oil exploration firm called Phoenix Energy Corp. in exchange for notes which are now carried on the books of the corporation as long-term receivables.