'No fraud' committed in The Medical City shares acquisition, says Gonzales group

MANILA - There was "no fraud" in the acquisition of shares in The Medical City operator Professional Services Inc , its current board of directors said Friday, following a ruling by the Securities and Exchange Commission that nullified the deal.

"There was no fraud in the acquisition of shares that SEC seeks to nullify, because the SEC itself approved, on 28 April 2018, a mandatory tender offer to the other shareholders, as required by law," it said. The Medical City is also not a named party of the decision "thus the findings of the SEC are not enforceable against the PSI or TMC," it said.

The SEC earlier said it nullified the majority acquisition of shares in The Medical City by a group led by Jose "Eckie" Gonzales after finding it to have "employed fraud" and violated regulations.

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