Politics

SEC revokes Unity Premier’s registration

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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’s primary purpose upon incorporation was to directly sell beauty products “provided that the corporation shall not solicit, accept or take investments or placements from the  public  [nor]  shall  it  issue  investment contracts.”

An investigation showed, however, that Unity Premier “presents itself as a financial institution that provides its members the opportunity to  both  start  their  own  e-commerce  and  affiliate  platform  and  beauty  products  business.”

“Moreover, it entices the public to invest through guaranteed passive income without selling its business products,” 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  in  the  unauthorized  solicitation of  investment  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%.

“It 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,” the commission said.

BusinessWorld tried to reach out to Unity Premier by e-mailing leomae24@yahoo.com, which the SEC identified as the company’s official e-mail address, but received no response. — Justine Irish D. Tabile