The Securities and Exchange Commission said Thursday it revoked the corporate registration of Zamboanga-based Silverlion Livestock Trading Corp. for allegedy engaging in illegal investment solicitation activities.
It said in a statement the Enforcement and Investor Protection Department revoked the certificate of incorporation of Silverlion after investigation showed that it had been offering and selling investment packages to the public with guaranteed returns of 35 percent within just 15 days.
This means that investments ranging from P1,000 to P100,000 could yield returns worth P1,300 to P130,000, respectively.
The SEC’s EIPD said this was a violation of Section 44 of Republic Act No. 11232, or the Revised Corporation Code of the Philippines as Silverlion does not have the required secondary license from the commission to offer or sell securities to the public.
EIPD said Silverlion’s activities also constituted serious misrepresentation as to what it could do to the prejudice of or damage to the general public, which is a ground for the revocation of a corporation’s certificate of registration under Presidential Decree No. 902-A.