San Miguel (PSE:SMC) asked the Securities and Exchange Commission's Office of the General Accountant (OGA) to reconsider a penalty imposed over a cash flow misclassification.
The conglomerate explained that the error was inadvertent and had no impact on its consolidated balance sheet or income statement, according to a Monday Philippinex Exchange filing.
The company argued that the issue did not warrant a penalty but has paid the fine under protest while awaiting the regulator's response.
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