SEC revokes registration of Seek Explore

The Securities and Exchange Commission (SEC) has revoked the certificate of incorporation of Seek Explore Sports Association Inc. for offering securities to the public without the necessary approvals from the commission.

- RICHMOND MERCURIO

The SEC Enforcement and Investor Protection Department (EIPD) has cancelled the corporate registration of Seek Explore for violating Section 44 of the Revised Corporation Code of the Philippines (RCC), in relation to Sections 8.1, 26, and 28.1 of the Securities Regulation Code (SRC).

The commission has also directed Seek Explore to pay an administrative fine amounting to P1 million.

Seek Explore was a company primarily engaged in implementing synergistic activities to improve the health, education and productivity of communities, and to facilitate and receive financial or in-kind contributions for association development, promote livelihood programs, and conduct outreach programs, as outlined in its articles of incorporation.