Makati court orders seizure of Philab Industries’ P189M assets

The Makati City Regional Trial Court (RTC) has ordered the seizure of Philab Industries, Inc. (PII) assets amounting to P188.6 million, pending a lawsuit by financial firm Unicapital Incorporated.

This was announced by its publicly-listed holding company Philab Holdings Corp. (DNA) in a disclosure before the Philippine Stock Exchange (PSE).

The court reportedly issued on March 28 a notice of garnishment over PII’s assets, in order to answer for possible liabilities it may find in favor of the complainant Unicapital.

Philab Holdings said its subsidiary’s case “will not have a material impact” on its operations.

“Philab Holdings Corporation is independent from its subsidiaries having an operations and business of its own,” it said.

The struggling PII provides life science equipment and services to health care, pharmaceutical, education, and research industries.

Copyright © 2019 Abogado - Latest News in the Philippines