Apr 052017
Last week, I summarized the first two installments covering the definition of “capital” for the purpose of determining the nationality of a company engaged in partly nationalized activities. This week, I will cover the third (and, I hope, final) installment on the matter.
You may recall from last week’s column that some confusion arose due to seemingly different conclusions laid down by the Supreme Court (SC) in a 2011 decision against a 2012 resolution, as well as a Memorandum Circular which was issued by the Securities and Exchange Commission (SEC) in 2013 based on that same SC case (the Gamboa case).