Posts Tagged ‘BOC’

Sanyo Seiki says BOC pestering hurts revenues

December 5, 2011 Leave a comment

SANYO Seiki Stainless Steel Corp. claims it is losing millions of pesos in lost revenuea due to alleged harassment by staff of the Bureau of Customs.

The company operates four stainless steel plants, capturing more than 50 percent of the local market, and is the largest importer of the metal. It also imports its products, which include angle bars, coils sheets, plates, flat bars pipes and tubes.

Last year, it posted P1.3 billion in revenues while customs duties and taxes paid amounted to P130.7 million.

Sanyo Seiki has lost P10 million to P15 million in unrealized revenues to date.

Jenny Chan, executive vice president, said her business is hampered by attempts of BOC officers to enter the company’s plant in Meycauayan, Bulacan, which so far have not succeeded as they carried defective mission orders.

“Since July 1, after we filed the graft and corruption case against BOC officials, some BOC personnel have guarded our warehouse. They have threatened to close our business,” she said.

Last January 20, the BOC sued Sanyo Seiki for misdeclaration, underweighting and undervaluing its steel and stainless steel importations by almost 90 percent.

Deputy Customs Commissioner Gregorio Chavez, executive director of the Run-After-The-Smugglers (RATS) Group, said Sanyo Seiki’s various importations last year were worth over P1.3 billion but the company declared the value at only P165.4 million.

BOC claimed the company had defrauded the government of P179 million.

Luis Angel Aseoche, a lawyer, said while the case is pending, there were “negotiations” initiated by those perceived to be close to the BOC.”

“They (Sanyo) were asked to give P179 million, saying ‘your problems at the BOC would go away. At that time, 72 shipments were on hold at the BOC. You know, when cargoes are seized, the importer cannot go on with their business.”

News from Malaya.