Physician files raps v. medical center

A MEDICAL doctor-investor of a tertiary hospital in Cebu City has filed a petition in court in a bid to issue him his certificate of stock from the medical facility.

Dr. Ferdinand Kionisala filed a complaint for issuance of certificate of stock, declaration of sale in installment, and declaration of rights of preemption against Allied Care Experts (ACE) Medical Center-Cebu Inc. and 15 members of the board of directors (BODs).

“Because of this intentional failure to give his certificate of stock and confronted with the information, plaintiff (Kionisala) seeks judicial relief through this present action,” read the petition prepared by his lawyer, Celso Inocente.

Named defendants were members of ACE’s BODs Geanie Cerna-Lopez, Velma Chan, Luisito Co, Maita Cruz, Roberto de Leon, Amado Manuel Enriquez Jr., Floram Limotlimot, Roland Mark Gigataras, Joy Luna, Nicolaas Molon, Felix Nolasco, Generoso Orillaza, Ronald Ramiro, Marietta Samoy, and Evangeline Zozobrado.

Pursuant to its Articles of Incorporation, ACE Medical Center-Cebu’s allowable capital stock is P120 million, which is divided into P120,000 shares at P1,000 per share.

After it generated about P30 million from its stockholders, the facility bought 192 square meters worth P31.58 million in Barangay Basak, Cebu City. The site is where the hospital was constructed.

But petitioner Kionisala said the hospital’s officers and defendants “devised” the scheme to get funds from the public by pre-printing a sale in installment of a share of stock.

That means that one block of shares is equivalent to 10 shares at P20,000 per share, or a total amount of P200,000. The new arrangement allowed ACE Corp. to generate about P274 million by Aug. 12, 2017.

On Nov.12, 2016, ACE Corp. approved an increase in capital stock for P120 million, or 120,000 shares at P1,000 per shares.

Since he paid in full his subscription, the petitioner said he asked the corporate secretary for his certificate of stock, which includes his 10 common shares valued at P10,000.

However, the petitioner said the defendants did not respond to his letter-request. He later discovered in a newspaper the warning from the Securities and Exchange Commission about the scheme employed some hospitals on shares of stock or pre-selling securities.

In his petition, Kionisala asked the court to direct the defendants to issue him his certificate of stock and P100,000 as attorney’s fees. (GMD)