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Family Corporation

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1 Family Corporation on Thu Mar 21, 2013 12:10 pm

ct2


Arresto Menor
A case was filed by a Father (Director A & President of the corporation) at the City prosecutors office against his son (Director C) for estafa and falsification of public document.

The members of our family don't see eye to eye.

The family corporation holds the exclusive rights to sell a product from China.

The President sold 100 pieces of products lower than Suggested Retail Price of the corp. He told (Director B) to sell it at P40.00/pc. instead of P50,000.00/piece. The sale of the 50 pcs. would go to Dir. B for his apendectomy operation and the balance to be given to his father.

Director C who is also a son, bought all the 100 pcs. at P40.00/pc. from Dir. B in good faith because he wanted to help him in his operation. They agreed not to inform the President since they have a rift. There was a written acknowledgement of the sale between Dir. B & C.

Dir. C. being a director of the Company & knowing that the company is the exclusive dealer, he then sold the products using the documents of the corporation and encashed the check of the said sale & kept it to himself. He sold it at a higher price. He still didn't informed the President because of personal indeferences.

When the President learned about the sale, he filed Estafa and falcification of public documents against Dir. C. The President doesn't know about the written acknowledgement of the sale between Dir. B & C up to this time.

Is this a form of Estafa & Falcification? Is Dir. C liable to the corp.? If so, what are his liabilities?


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