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Ramon Jacinto & Jaime Colayco vs First Women's Credit Corp

RAMON P. JACINTO and JAIME J. COLAYCO, petitioners, vs. FIRST WOMEN'S CREDIT CORPORATION, represented in this derivative suit by SHIG KATAYAMA, respondents.

G.R. No. 154049 | 2003-08-28

D E C I S I O N

BELLOSILLO, J.:

The propriety of the appointment of an Interim Management Committee "to take over the management of First Women's Credit Corporation (FWCC)"[1] is the subject of this petition for review on certiorari. It seeks to set aside the 8 January 2002 Decision[2] of the Court of Appeals affirming the 4 July 2000 Order[3] of the Securities and Exchange Commission (SEC) which, in turn, sustained the assailed order of Hearing Officer George T. Palmares appointing the Interim Management Committee.

Shig Katayama, in his capacity as director and minority stockholder of FWCC, instituted a derivative suit before the SEC...