MANILA, Philippines – The country’s corporate watchdog has warned the public anew against conducting business with numerous firms not permitted to sell investment instruments.
In a public notice, the Securities and Exchange Commission (SEC) reminded investors about the banned sale of shares in a Boracay-based property developer.
The SEC said the public should take note that the Court of Appeals in 2010 affirmed a cease and desist order that prevented Crown Regency Holiday International Inc., Fuente Triangle Realty Development Corp., Megatrend Realty Network Inc. and Boracay Multiple Properties Developers Inc. from selling investment contracts and preferred shares of Boracay Multiple Properties Developers Inc.
The agency said the companies have yet to comply with the requisite registration statement for the securities.
“The aforementioned decision was upheld by the Third Division of the Supreme Court in its resolution dated Aug. 15, 2012,” SEC said, adding that the ban was final and executory.
The corporate regulator also issued a warning against Xingasia Marketing Corp., which is offering investment opportunities like “corperate bond notes” through subsidiaries Xingasia Lending & Investors Corp. and Xingasia Invest & Trust Bank Corp.
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“Xingasia Marketing is not, under any circumstance, authorized or licensed to engage in activities and/or solicit investments,” the SEC said.
SEC documents showed that Xingasia Marketing is not a registered issuer of securities.
It is also not licensed to act as securities broker, investment adviser, investment house and transfer agent.
“It has not filed nor has it any pending application for said certificates of registration or licenses,” the SEC said.
The SEC has stepped up its efforts to warn the public against fraudulent business practices following a large scale investment scam in 2012.
That year, Pagadian-based Aman Futures Group Philippines Inc. was exposed as a P12-billion investment scam, defrauding thousands that include politicians, professionals, businessmen and employees.
