THE Securities and Exchange Commission (SEC) has revoked the registration of Unity Premier Business Group OPC for allegedly running an investment scheme.
The SEC said that Unity Premier, a one-person corporation, had violated Section 44 of the Revised Corporation Code or RCC.
Under the RCC, no corporation is permitted to exercise corporate powers beyond those specified in its articles of incorporation.
The company鈥檚 primary purpose upon incorporation was to directly sell beauty products 鈥減rovided that the corporation shall not solicit, accept or take investments or placements听from听the听 public听 [nor]听 shall听 it听 issue听 investment contracts.鈥
An investigation showed, however, that Unity Premier 鈥減resents itself as a financial institution that provides its members the opportunity to听 both听 start听 their听 own听 e-commerce听 and听 affiliate听 platform听 and听 beauty听 products听 business.鈥
鈥淢oreover, it entices the public to invest through guaranteed passive income without selling its business products,鈥 the commission said in its order.
On Aug. 8, a show cause order was issued to Unity Premier and its single stockholder who also acts as its nominee and president.
The commission en banc also issued an order on Aug. 16, directing Unity Premier and its officers to immediately halt engaging 听in 听the 听unauthorized 听solicitation of听 investment 听contracts.
According to the commission, Unity Premier had required its members to purchase various investment packages with a guaranteed profit.
The investors expected a guaranteed return of investment ranging from 3.5% daily passive income to 200%.
鈥淚t is important to emphasize that Unity Premier, as a juridical person, is only allowed to exercise powers inherent to its corporate existence as provided in the Revised Corporation Code of the Philippines and those conferred in its Articles of Incorporation,鈥 the commission said.
大象传媒 tried to reach out to Unity Premier by e-mailing [email protected], which the SEC identified as the company鈥檚 official e-mail address, but received no response.听鈥 Justine Irish D. Tabile
