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Manila Bulletin devider Business devider SEC revokes registration of Infinity8Networks

SEC revokes registration of Infinity8Networks

Published Jan 8, 2024 06:03 am

The Securities and Exchange Commission (SEC) announced its revocation of the corporate registration of Infinity8Networks Digital Services OPC and the slapping of an administrative fine of P1 million against the firm for illegally soliciting investments from the public.

In an order, the SEC Enforcement and Investor Protection Department (EIPD) found that Infinity8Networks has violated Section 44 of the Revised Corporation Code of the Philippines (RCC), in relation to Sections 8.1, 26, and 29.1 of the Securities Regulation Code (SRC), and Section 6(i)(2) of the SEC Reorganization Act.

Under the RCC, no corporation shall possess or exercise corporate powers other than those conferred by law or by its articles of incorporation (AOI).

Meanwhile, the SRC provides that securities shall be registered with the SEC before they can be offered to the public. Entities offering such securities must likewise secure the necessary license from the Commission.

Under the SEC Reorganization Act, the SEC may suspend or revoke the certificate of registration of a corporation for serious misrepresentation as to what the corporation can do or is doing to the great prejudice of or damage to the general public.

While Infinity8Networks is registered as a one-person corporation with the SEC, it has not secured prior registration or license from the Commission for the conduct of a public offering. 

The SEC noted that its AOI also expressly prohibits the company to conduct investment-taking activities.

As such, the EIPD directed Infinity8Networks, its corporator and nominees to pay a fine of P1 million, in accordance with the administrative penalties provided under the SRC.
 

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