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Manila Bulletin devider Business devider The Stock Market devider Liberty Flour seeks dismissal of SEC complaint amid ₱805-million debt dispute

Liberty Flour seeks dismissal of SEC complaint amid ₱805-million debt dispute

Published Mar 13, 2026 09:37 am
Liberty Flour Mills Inc., the Philippine food manufacturer, has asked the Securities and Exchange Commission (SEC) to dismiss a complaint filed by minority shareholders, claiming it has already provided access to corporate records.
Liberty Flour’s legal response from the publicly traded miller comes amid allegations of governance irregularities and conflicts of interest involving ₱804.7 million in uncollected receivables. The dispute centers on a petition filed by former President and Director Sandra Uy and former Assistant Treasurer Stella Uy, represented by the Bernaldo Po Presto & Poblador Law Office.
The complainants have urged the regulator to investigate debts owed to the company by Parity Values Inc., one of its three primary distributors.
According to the filing, the uncollected ₱804.7 million became a point of contention, leading to the Uys being removed from the company’s board and management. The minority shareholders cited the presence of interlocking directors between the two entities, specifically naming John Carlos Uy, Willy G. Ng, and Corporate Secretary William L. Ang.
The petition alleges that these overlapping roles create conflicts of interest that prioritize the financial position of Parity Values over the interests of Liberty Flour Mills and its minority investors.
In a formal response, Ang described the complaint as moot. He noted that an inspection of corporate records for the years 2022 through 2024 took place on Feb. 27, 2026.
Furthermore, the company stated that the complainants and their representatives had previously been permitted to review corporate documents spanning 2020 to 2025 during an earlier session on Nov. 17, 2025.
Liberty Flour said that there was no violation of statutory rights and that neither the company nor Ang had at any point refused or obstructed the request for inspection.
Beyond the factual rebuttal, the company raised technical grounds for dismissal, alleging that the complainants violated SEC Rules of Procedure by filing the petition with the Company Registration and Monitoring Department.
The company argued the matter should have been brought before the Markets and Securities Regulation Department, given its status as a publicly listed entity.
Ang said that the legal action was premature, as the inspection was already being coordinated at the time of the filing.

Related Tags

Liberty Flour Mills Inc. William L. Ang Sandra Uy Stella Uy
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