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Consumers are warned of engaging in business dealings with Procap International and Ray International Philippines Corp. after the Securities and Exchange Commission (SEC) revoked the companies’ corporate registrations due to illegal investment solicitation activities.
In an order dated 7 August, the SEC’s Enforcement and Investor Protection Department (EIPD) canceled Procap International’s certificate of incorporation for violating Republic Act 11232, or the Revised Corporation Code of the Philippines.Procap International, along with its president and nominees, was also ordered to pay a P1 million fine in line with administrative sanctions under Republic Act 8799, or the Securities Regulation Code (SRC).The EIPD […]
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