The SEC ordered the operator of The Medical City to restore its board composition going back several years, paving the way for the return of directors, including former health secretary and longtime CEO Alfredo Bengzon. | miguelrcamusINQ
The board and shareholders were unaware of the agreement for years until Gonzales and Viva secured a controlling stake in PSI in 2017. The SEC said this amounted to fraud and violation of the Securities Regulation Code.
“Such being the case, the members of the BOD of PSI as of 31 July 2013 are deemed to be the duly constituted BOD, sitting and functioning in a holdover capacity,” the SEC said, using the initials for board of directors.They were Augusto P. Sarmiento , Bengzon , Gonzales , Sis. Maria Rosalia Nacionales, Mona Lisa B. de la Cruz, Eugenio Jose F. Ramos, Rosalinda A. Hortaleza, Rev. Fr. Roberto C. Yap, Mediadora C. Saniel, Venacio I. Gloria, Rafael LL. Reyes, Pote P. Videt, Blesidla E.
This was a change of tune from an Aug. 20 internal memo to employees where Ramos said the SEC decision “will have no direct impact on the operations of The Medical City.”“As a health care institution, we have to keep our focus on the exemplary role we have been playing in this global pandemic—to be the hospital that delivers world-class health care to every patient, COVID or otherwise, even and especially during this crisis,” Ramos said in the memo.
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