The Philippines’ antitrust watchdog on Monday February 19, voided businessman Dennis Uy’s acquisition of a Dutch holding company KGLI NM, that held a majority stake in Negros Navigation Co, the parent of shipping firm 2GO, for failing to disclose the transaction to the body.
The Philippine Competition Commission (PCC) also fined Uy and KGLI NM 19.6 million filipino pisos (US$374,705). The two parties can still proceed with the transaction provided they submit it to the PCC for review, said the agency’s spokesperson, Mercedes Torrijos.
“The law is clear: an agreement consummated in violation of the competition law’s compulsory notification requirement shall be fined and is considered void,” the PCC said.
The 2016 acquisition, made by Uy’s Udenna Corp, was meant to give the Davao-based businessman a foothold in the logistics businesses.
Full Content: Rappler
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