THE SECURITIES and Exchange Commission (SEC) has revoked the corporate registrations of St. Timothy Construction Corp. and St. Gerrard Construction General Contractor and Development Corp., both owned by the Discaya family, for submitting false beneficial ownership information.
“In separate resolutions issued on Nov. 26, the SEC Enforcement and Investor Protection Department (EIPD) canceled the certificates of incorporation of St. Timothy Construction Corp. and St. Gerrard Construction General Contractor and Development Corp.,” the commission said in a statement on Thursday.
During a Senate Blue Ribbon Committee hearing on Sept. 1, Cezarah Rowena C. Discaya claimed ownership and officer positions in St. Timothy and St. Gerrard.
However, SEC records show that the EIPD found Ms. Discaya was not listed as a beneficial owner in the declarations for St. Timothy from 2022 to September 2025, or for St. Gerrard from 2022 to 2024.
“The SEC underscores that corporations must accurately and truthfully disclose beneficial ownership information. Failure to comply — whether by omission or by submission of incorrect information — undermines market integrity and will be met with decisive regulatory sanctions,” the commission said.
“Corporations are expected to respond promptly and responsibly when allowed to clarify or rectify discrepancies in their filings,” it added.
Each firm was ordered to pay a P2 million penalty, as set out in Section 11, I-A of SEC Memorandum Circular No. 10, Series of 2022, along with a daily administrative fine of P1,000 for any ongoing violations, in accordance with Section 158 of the Revised Corporation Code (RCC).
The SEC issued notices as early as September, ordering the companies to pay fines and correct their disclosures, but neither responded within the 15-day period.
The commission said that these sanctions are administrative and do not prevent other civil, criminal, or administrative proceedings under the RCC or other applicable laws from being pursued. — Alexandria Grace C. Magno