The Securities and Exchange Commission (SEC) has revoked the corporate registration of Empire 999 Realty Corporation which owns the warehouse in Pampanga where billions worth of illegal drugs were found.
“For engaging in unauthorized activities, in violation of Section 6(i)(2) of Presidential Decree 902-A, the corporate registration or Certificate of Incorporation/Registration of EMPIRE 999 REALTY CORPORATION as a corporation, is hereby REVOKED,” said the SEC order.
The SEC said the company failed to respond to its investigation which showed that it failed to secure the necessary secondary license for its operation as a realtor. The SEC also discovered that the company declared a false address when it registered.
Empire 999 Realty declared its primary purpose to develop, market and sell “lot, houses and lot, condo or apartment units and rawlands insofar as may be permitted by law, and all kinds of construction and renovation works.”
But, the SEC pointed out that the company did not first secure secondary licenses from the Department of Human Settlement and Urban Development (DHSUD) as a real estate developer; and the Professional Regulatory Commission (PRC) as an industry engaged in real estate activities required under Republic Act No. 9646 or the Real Estate Service Act (RESA) and the Philippine Construction Agency Board (PCAB) as a corporation engaged in construction.
The SEC noted that, since its incorporation in August 2015, the company did not disclose in its general information sheet (GIS) that it secured the required licenses with the other government agencies.
“Hence, from the date of its incorporation (4 August 2015) or for nine years, Empire 999 Realty failed to register its corporation or comply with the requirements of the above-mentioned government regulators," said the SEC.
“These facts are evidenced, by the GIS and the audited financial statements (AFS) submitted for the periods of 2015 to 2022 to the Commission, wherein Empire 999 Realty disclosed that it pays government permits to the SEC, BIR annual registration fee, barangay clearance, mayor’s permit as part of its operating expenses,” it added.
The SEC stressed that Empire 999 Realty’s articles of incorporation does not allow unauthorized activities “more so, for the conduct of the alleged illegal activities which is per se, prohibited.”
The SEC also noted that Empire 999 Realty indicated in its registration that its principal address to be at Unit 2909 29/F World Trade Center, Juan Luna corner Dasmarinas St., Binondo, Manila. However, the property management of the building certified that it is not the registered tenant of the unit.