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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

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