SEC revokes Lucky South 99 registration

The Securities and Exchange Commission (SEC) has revoked the corporate registration of Lucky South 99 Corp. for its unauthorized involvement in Philippine offshore gaming operator (POGO) activities.

- RICHMOND MERCURIO

The SEC Enforcement and Investor Protection Department (EIPD) ordered the revocation of Lucky South 99's certification of incorporation and registration for violations of the Revised Corporation Code of the Philippines.

Under the order, the EIPD found Lucky South 99, formerly Lucky South 99 Outsourcing Inc., engaging in activities other than that of a business processing office as stated in its primary purpose.

"Considering that nowhere is it stated in its primary purpose that Lucky South 99 Corp. is authorized to engage and/or act as a Philippine offshore gaming operator in the Philippines, the activity of Lucky South 99 Corp. that intends to mislead or deceive the public into believing that it was authorized to conduct the aforesaid activities is considered an ultra vires act and therefore constitute serious misrepresentation," the EIPD order said.

Lucky South 99 was granted its certificate of registration by the SEC in October 2019.