The Securities and Exchange Commission said Monday it revoked the registration of Suhail Medical Center Inc. for illegal solicitation of investments from the public.
The SEC’s Enforcement and Investor Protection Department said it found that the company headed by Jesser Cordova was publicly offering and selling securities without the necessary secondary license from the SEC.
Based on the investigation, Suhail Medical Center was soliciting investments from the public worth P1.06 million for the co-ownership seat in its supposed hospital in Calamba, Laguna. Investors also have the option to purchase half a seat worth P550,000.
The company promised investors returns in the form of quarterly revenues based on the hospital’s performance, free laboratories and check-ups for the co-owners and their next of kin and lifetime income.
Suhail Medical Center was reportedly offering securities, particularly an investment contract, whereby a person invests his money in a common enterprise and is led to expect profits primarily from the efforts of others, according to the EIPD.