James Ient and Maharlika Schulze vs Tullet Prebon Philippines

G.R. No.189158

Jan. 11, 2017

Facts:

Tullet Prebon and the company of Ient and Schulze Tradition Philippines are competitors in the
deal breaking business. At some point in time several Tullet deal brokers resigned and went to
work with Tradition Philippines. Tullet filed a complaint against Tradition for sabotoging their
business by taking their deal breakers.

Tullet wanted Tradition to be criminally liable under Sections 31, 34 and 144 of the Corporation
Code

Issue:

Whether or not Ient and Schulze could be criminally liable

Ruling:

No, Ient and Schulze could not be criminally liable because the Corporation Code is not a penal
statute. The penalties suggested in the code are only administrative.