Cebu Landmasters Inc. (CLI) said Tuesday it has been assessed a penalty by the Office of the General Accountant (OGA) of the Securities and Exchange Commission (SEC) due to an error in the reclassification of assets.
The publicly listed property developer, which primarily operates in the Visayas and Mindanao regions, disclosed that the OGA imposed a ₱1.01 million fine. The penalty stems from CLI’s reclassification of certain investment properties as real estate inventories—an action the company said was based on its interpretation of applicable accounting standards and regulatory guidelines.
The discrepancy was identified by the OGA during its review of CLI’s financial statements, conducted as part of the company’s application for the registration of securities with the SEC.
CLI said it will not dispute the findings and has committed to settling the penalty. “CLI respectfully acknowledges and accepts the findings and position of the SEC-OGA on this matter,” the company said. “We are taking the necessary steps to fully comply with the assessment.”
