Max’s Group to open books to minority owners of Teriyaki Boy
Max’s Group Inc. today said it is ready to open its books to the minority owners of Teriyaki Boy, a subsidiary of Max’s Group.
In a disclosure to the stock exchange, Max’s Group said it “adheres to principles of good governance in the conduct of its business” and that it is “cognizant of its obligations to its stakeholders, to regulatory agencies, and to the exchange.”
“We are currently taking concrete steps to address the concerns raised by the minority shareholders of MGI’s subsidiary, Teriyaki Boy group Inc., and are ready to present details relevant to the issue to the parties involved,” the company said.
“We undertake to submit a more comprehensive report to the exchange regarding this matter upon its resolution,” Max’s Group added.
An article from the Philippine Daily Inquirer’s BizBuzz alleged that more than P800 million has been diverted from Teriyaki Boy’s coffers to expenses unrelated to the brand including advances and purchases from sister companies, among others. The article hinted on mismanagement as the diversion of funds and the tapping of loans that were not approved by the board resulted in losses.