Alliance Select to Appeal Resolutions on Criminal Case Against Two Directors

Pasig–(PHStocks)–To protect its interests, Alliance Select Foods International Inc. (PSE: FOOD) filed last year a criminal complaint for Revealing Secrets with Abuse of Office against two of its directors, Hedy Yap Chua (Yap-Chua) and Albert Hong Hin Kay (Hong). The company has reasonable cause to believe that Yap-Chua and Hong, in breach of their fiduciary duty to the company, revealed information relating to the company’s financials given to them in confidence.

The Office of the City Prosecutor of Pasig City has since dismissed the complaint in a Resolution dated 29 December 2014. The company’s Motion for Reconsideration was also denied in a Resolution dated 23 March 2015. The company intends to appeal the Resolutions dated 29 December 2014 and 23 March 2015 to the Department of Justice.