SM Seaside Mall Cebu Faces Fraud Charges.
Seaside Mall in Cebu faces fraud charges that were filed by the Cebu City government for allegedly failing to disclose the full size of its newest development.
According to a recent news report of ABS-CBN news, the Cebu City government filed charges against SM Seaside for allegedly failing to disclose the full size of its newest development, which allowed it to pay lower taxes.
The report was confirmed by Cebu City Mayor Tomas Osmeña.
The mayor filed a complaint of “Other Deceits” under Article 318 of the Revised Penal Code against SM Prime Holdings Inc. (SMPHI) represented by four of their executives including board chairman Hans Sy Jr. for paying much lesser than their supposed real property tax (RPT) for their SM Seaside City Cebu mall located at the South Road Properties (SRP).
The management of SM Seaside City Cebu confirmed that they have yet to review the mayor’s claims.
Accordng to a report of ABS-CBN news, SM declared Seaside Mall as a four-storey structure, which did not include its basement and roof deck. This allowed the company to pay P14 million in real property taxes, when the full amount should have been P37.6 million, according to the charge.
