Biz Buzz: MFT Group not throwing in the towel
The embattled MFT Group led by CEO Maria Francesca “Mica” Tan is not about to throw in the towel even with the cease-and-desist order slapped against it.
This as lawyer Rey Villegas, a private creditor of the MFT Group’s The Foundry, has urged the Securities and Exchange Commission (SEC) to lift the order against the companies, saying that “honoring their loan obligations has been the foundation of the long-standing private transactions by the shareholders with their creditors.”
The corporate watchdog in January ordered Tan’s company to stop illegally selling investment contracts after receiving complaints that they had been falling behind on their payments for years.
Villegas regarded the CDO as a disruption to The Foundry’s five-year recovery program, which he said included creating a client management department and holding quarterly update meetings.
“This positive development was significantly disrupted on Jan. 16, 2024, when the [SEC] issued a [CDO] against MFT Group and The Foundry, accusing the company of selling unregistered securities,” he said.The lawyer went on to say that the SEC order “jeopardizes” the group’s capacity to meet their financial obligations to creditors, as MFT Group’s bank accounts were frozen.
To recall, Tan’s companies were barred by the SEC from transacting with depository banks to protect investors’ assets.Tan, a millennial CEO who gained recognition for expanding to food (through Saladstop! Vietnam and Mimi & Bros restaurant) and health care (through Mondial Kidney Care Center) businesses, vowed to cooperate with the SEC, as they had a “strong track record of compliance” with securities regulations.
However, the SEC previously said the securities, which were sold during public events, were essentially borrower-lender arrangements that became promissory notes.
Given the persistent pleas from the MFT Group, will the SEC be moved to retract its order or will it stand firm? Abangan! —Meg J. Adonis
Celebrity wedding in Siargao
A celebrity couple will soon be having their wedding on the beautiful island of Siargao.
While this already sounds like an expensive—and presumably star-studded—event, the bride and groom are also sparing no expense to fly in style. After all, it is their big day.This was divulged by Ryna Brito-Garcia, CEO of boutique airline Sunlight Air, which had been contracted by this celebrity couple for a private flight to the country’s surfing capital.
How much will this cost them? P203,000 per hour. Assuming the flight is 2.5 hours from Clark airport, which is Sunlight Air’s main hub, this couple with deep pockets will likely have to pay over half a million pesos for just one flight.
But this is not just for two people as the private flight can ferry up to 70 people. So the couple can bring family and friends who want to have a more comfortable ride to Siargao. Asked who the couple is, Brito-Garcia just said: “I’m sure you’ll see it on social media.” The curious netizens will just have to wait for the “receipts” online to confirm.
Sunlight Air services two private flights per month on average. Its clientele includes corporate executives and celebrities who don’t mind splurging for comfort and privacy. —Tyrone Jasper C. Piad INQ
