Requested from SEC by G. Graciadas at 06:49 AM on
Mar 23, 2020.
Purpose: Public interest
Date of Coverage: 11/01/2019 - 03/23/2020
Tracking no: #SEC-973436178318
Graciadas 06:49 AM, Mar 23, 2020
I would like to obtain information/copies of records relating to:
1.) The number of complaints against Cash4U Financing Corporation and a summary of the complaints if available;
2.) The shareholding structure of Cash4U Financing Corporation - this entity appears to be under the control of a foreign national, Mr. LIN Chun Hung and his overseas companies - including Niaga Finance Company Limited - therefore it is in the public interest to obtain the shareholding information to ensure compliance of RULE 5. Citizenship Requirements of Republic Act No. 9474.
Infante 08:00 AM, Mar 23, 2020
March 23, 2020
Dear Grace A.,
Thank you for your request dated Mar 23, 2020 under Executive Order No. 2 (s. 2016) on Freedom of Information in the Executive Branch, for Complaints And Shareholding Structure Of Cash4U Financing Corporation.
We received your request on Mar 23, 2020 and will respond on or before Apr 11, 2020 06:49:36 AM, in accordance with the Executive Order's implementing rules and regulations.
Should you have any questions regarding your request, kindly contact me using the reply function on the eFOI portal at https://www.foi.gov.ph/requests/aglzfmVmb2ktcGhyHQsSB0NvbnRlbnQiEFNFQy05NzM0MzYxNzgzMTgM, for request with ticket number #SEC-973436178318.
Thank you.
Respectfully,
Violeta Infante
FOI Officer
Gumtang- Remalante 09:57 PM, Mar 23, 2020
March 23, 2020
Dear Grace A. Graciadas,
Greetings!
Thank you for your request dated Mar 23, 2020 06:49:36 AM under Executive Order No. 2 (s. 2016) on Freedom of Information in the Executive Branch.
Your Request was received by the Securities and Exchange Commission only today around 8:30pm.
You asked for Complaints And Shareholding Structure Of Cash4U Financing Corporation.
For your first query, which is a summary of the complaints received against the company, please be informed that the Corporate Governance and Finance Department has received complaints against this company but is still in the process of collecting and collating these especially since they are also being inquired into and investigated.
As to the shareholding structure of the company, you may request this information using SEC Express System by logging in at www.secexpress.ph and request a plain or authenticated copy of documents such as, but not limited to, the General Information Sheet. However, please note that orders shall be processed and delivered when the quarantine period has been lifted.
You also made mention of R.A. 9474 or otherwise known as the “Lending Company Regulation Act” with regard to foreign ownership of said type of company. Please be informed that in 17 July 2016, RA 10881 became a law. This is also known as “An Act Amending Investment Restrictions in Specific Laws Governing Adjustment Companies, Lending Companies, Financing Companies and Investment Houses cited in the Foreign Investment Negative List and for other purposes”. Salient in the law is Section 3 thereof which lifted the Nationality Requirements for these companies. Please be guided accordingly.
If you are unhappy with this response to your FOI request, you may ask us to carry out an internal review of the response by writing to Commission Secretary Armando A. Pan, Jr. thru e-mail address armandopanjr_foi@sec.gov.ph. Your review request should explain why you are dissatisfied with this response, and should be made within 15 calendar days from the date when you received this letter. We will complete the review and tell you the result within 30 calendar days from the date when we receive your review request.
If you are not satisfied with the result of the review, you then have the right to appeal to the Office of the President under Administrative Order No. 22 (s. 2011).
Thank you.
Respectfully,
Atty. Rachel Esther Gumtang- Remalante
FOI Receiving Officer
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