Chelsea says PCC voided Trans-Asia deal, ordered P22.8M fine | ABS-CBN
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Chelsea says PCC voided Trans-Asia deal, ordered P22.8M fine
Chelsea says PCC voided Trans-Asia deal, ordered P22.8M fine
ABS-CBN News
Published Jul 03, 2018 01:28 PM PHT
MANILA -- Chelsea Logistics Holdings Corp said Tuesday the country's antitrust watchdog voided its acquisition of Trans-Asia Shipping Lines in 2016 and ordered it to pay a P22.8-million fine.
MANILA -- Chelsea Logistics Holdings Corp said Tuesday the country's antitrust watchdog voided its acquisition of Trans-Asia Shipping Lines in 2016 and ordered it to pay a P22.8-million fine.
The company controlled by businessman Dennis Uy, said the Philippine Competition Commission's decision was "unduly harsh" and that it was considering an appeal before the PCC or to the Court of Appeals.
The company controlled by businessman Dennis Uy, said the Philippine Competition Commission's decision was "unduly harsh" and that it was considering an appeal before the PCC or to the Court of Appeals.
Chelsea said the PCC cited it for failure to report the transaction, when it met the P1 billion threshold to require regulator scrutiny.
Chelsea said the PCC cited it for failure to report the transaction, when it met the P1 billion threshold to require regulator scrutiny.
However, the company said the deal did not meet the threshold if Trans-Asia's debts were considered.
However, the company said the deal did not meet the threshold if Trans-Asia's debts were considered.
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The PCC also recently raised the P1 billion minimum to P2 billion, Chelsea said.
The PCC also recently raised the P1 billion minimum to P2 billion, Chelsea said.
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