Connect with us

Hi, what are you looking for?

News

SEC revokes Asenso Business Group registration

THE Securities and Exchange Commission (SEC) has revoked the certificate of incorporation of Asenso Business Group Trading, Inc., which the regulator found to be soliciting investments from the public.

“For violation of Section 44 of the Revised Corporation Code of the Philippines … the certificate of incorporation and the registration of Asenso Business Group, as a corporation, is hereby revoked,” the SEC’s order read.

The company, with its primary purpose of direct selling of all kinds of goods and merchandise, was granted its certification on Aug. 9, 2022. Its secondary purpose is to buy and sell all kinds of cards.

In Oct. 2022, the SEC said that it had received information that individuals representing the company had been enticing the public to invest in the entity with a promise of high monetary rewards.

The company has been offering different kinds of plans with respective cashback rebates, starting with a “pioneering plan” for P500-P900 capital, up to a “VIP account plan” for P50,000-and-above capital.

The entity through its president and chief executive officer, Lorenzo S. Morenencia, has been promising a guaranteed 40% profit in 12 days with a daily bonus reward of up to 18%.

However, the regulator found out that the company has been circulating a tampered SEC certificate of registration to make it appear that it is authorized to solicit investments.

The SEC said Asenso Business Group is a registered company but it is not authorized to solicit investments as it did not secure prior registration and license.

On Oct. 26, 2022, the SEC’s Enforcement and Investor Protection Department discovered that the supposed principal office of the company was non-existent.

The company does not maintain an office at the address stated in its articles of incorporation, which is one of the grounds for the revocation of its registration certificate.

Asenso Business Group is also not listed on the Barangay Business Database of Brgy. Bangkal, Makati City.

On Nov. 3, 2022, the commission issued an advisory against the company, which was then followed by a show-cause order on Dec. 21, 2022, to which it did not respond. — Justine Irish D. Tabile

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Editor’s Pick

<?xml encoding=”utf-8″ ??> With the increased threat of industrial strike action looming across the UK, we consider whether a force majeure clause can strike...

Editor’s Pick

<?xml encoding=”utf-8″ ??> TSB’s 5,700 staff and executives are to share a 10% bigger bonus pot this year, after rising interest rates pushed the...

Editor’s Pick

<?xml encoding=”utf-8″ ??> NatWest is to shut another 23 branches in England and Wales, adding to a raft of high street banking closures already...

Editor’s Pick

<?xml encoding=”utf-8″ ??> Shell has put more than 2,000 jobs in the UK at risk after launching a “strategic review” of its domestic energy...

Editor’s Pick

<?xml encoding=”utf-8″ ??> British taxpayers have become shareholders in a further 53 companies backed by a government rescue funding scheme. These firms include a...

News

REUTERS Smartphones were the most used devices among women last year based on a new survey by the Philippine Statistics Authority (PSA) and the...

You May Also Like

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.