Results 1 to 4 of 4
  1. #1
    C.I.A. firestarter's Avatar
    Join Date
    Mar 2011
    Gender
    Male
    Posts
    3,394
    Blog Entries
    9

    Default Tax Evader Mighty Selling Out


    Mighty Corp sale approved by PCC 0
    BY FRANCIS EARL CUETO, TMT ON AUGUST 30, 2017 BUSINESS
    Tweet
    Antitrust regulator also clears Rockwell Land-Mitsui Fudosan joint venture

    Japan Tobacco’s acquisition of Mighty Corp. — the Philippines’ second-biggest cigarette company — has been cleared by antitrust regulators.

    “There appears to be no ability nor incentive for the parties to engage in anti-competitive coordinated behavior,” the Philippine Competition Commission (PCC) announced on Tuesday.

    “Sufficient competitive constraints remain from other market participants after the sale,” it added.

    Japan Tobacco — whose brands include Winston and Camel — is snapping up Mighty for P45 billion as the latter seeks to settle multibillion-peso tax evasion cases filed by the government.

    Wong Chu King Holdings, Inc. (WCKH), named after Mighty’s founder, and Mighty itself have already entered into a preliminary agreement with Japan Tobacco International (Philippines), Inc. (JTIP), the PCC noted.

    Once the transaction is completed, JTIP will end up owning Mighty’s inventories, manufacturing facilities and equipment, and sales and distribution network. Affiliate Japan Tobacco International SA will own the trademarks and associated intellectual property of Mighty and WCKH.

    Tax evasion
    The government filed three criminal complaints earlier this year against Mighty, claiming that the firm used fake tax stamps to avoid paying excise taxes. In July, the company offered to pay P25 billion to settle the matter, to be funded by the sale of its assets to JTIP.

    Mighty remitted an initial tranche of P3.44 billion last month and the rest is expected to be forwarded following the PCC clearance.

    The government has touted the settlement as the biggest on record and it expects to earn another P5 billion in value-added taxes from JTIP-Mighty deal.

    http://www.manilatimes.net/mighty-co...ed-pcc/347593/

    Tanawa na lage..

    Gi bribe man gud ninyo.

  2. #2
    kani gyung mga gamayg mata mga tikasan gyud ning mga hinampak. Pa good life kaayo ang mga amaw nya kaming mga working class nag bago og bayad sa tax. lami ni pangtuli-on.

  3. #3
    hayahay si sara kay sila diay abogado sa mighty...

  4. #4
    Fact: It was Mayor Inday's husband who represented the tax evasion case of this corp...

  5.    Advertisement

Similar Threads

 
  1. professional tax evaders and posting of their fees at their offices
    By cebu_doki in forum Politics & Current Events
    Replies: 0
    Last Post: 09-07-2013, 01:00 AM
  2. BIR chief: 90% of PH professionals tax evaders (naunsa gud ni cya? tsk!)
    By JezzyCalm in forum Politics & Current Events
    Replies: 24
    Last Post: 09-02-2013, 08:49 PM
  3. For Sale: going overseas selling out
    By krysyn30 in forum Cellphones & Accessories
    Replies: 27
    Last Post: 05-31-2013, 11:24 AM
  4. nganu diay dili mu ganahan ug mga SELL OUT NA BAND?
    By dark_phoenix in forum Music & Radio
    Replies: 39
    Last Post: 10-04-2007, 03:45 AM
  5. Gov’t to go after tax evaders, smugglers
    By grabehbebe in forum Politics & Current Events
    Replies: 54
    Last Post: 12-28-2006, 04:36 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
about us
We are the first Cebu Online Media.

iSTORYA.NET is Cebu's Biggest, Southern Philippines' Most Active, and the Philippines' Strongest Online Community!
follow us
#top