Premier Horizon Alliance Corp., an investment holding company focused on countryside projects, announced that its board has appointed Valdes Abad & Company, CPAs, as the company’s new external auditor.
This decision follows the earlier termination of the services of Reyes Tacandong & Co. (RT) due to a perceived conflict of interest, which ultimately led to the loss of trust and confidence from management.
Premier Horizon stated that its Audit and Risk Oversight Committee discovered that after RT was appointed as the company’s external auditor in June 2024, the firm also became the external auditor for Marcventures Holdings Inc. and Bright Kindle Resources & Investments Inc. These companies are associated with Augusto Antonio C. Serafica Jr., the president of both entities.
The company raised concerns, saying that this situation posed a potential conflict of interest since RT would have access to sensitive documents and information from both opposing parties. As a result, Premier Horizon deemed the termination of RT’s services as a preventive measure, carried out in the interest of prudence and good governance.
Serafica, the former CEO of Premier Horizon, and the company are currently involved in litigation over allegations of misuse of corporate funds. Serafica is disputing the allegations.
