The Securities and Exchange Commission has slapped Splash Holdings Inc., the parent company of personal care manufacturer Splash Corp., with a P1-million fine for failure to comply with regulatory requirements.

The SEC in a letter to Splash Holdings president and chief operating officer Rolando Hortaleza cited the company’s failure to file statement of changes in beneficial ownership of securities when it disposed more than 30 million shares in Splash.

It advised the company to file the report to stop the accrual of a daily penalty, adding that failure to lodge it within five days will prompt the corporate regulator to refer the matter for appropriate action.”

The SEC noted that it was the second time that the company committed the offense.

The Securities Regulation Code require companies to report within five days any significant acquisition or disposition of shares in a listed firm.

Splash Holdings appealed the penalty, saying that it did not plan to deliberately violate regulatory requirements.

Splash Holdings said as a holding company in the Splash group, it had been inactive and does not transact business like other corporations. It also does not have the personnel to monitor its day-to-day operations and activities.

“Considering that continuous global economic downturn, the group of corporations under Splash Holdings is likewise beginning to feel the financial crunch and struggling to get by in the midst of present economic environment,” said Splash Holdings. Jenniffer B. Austria