The Securities and Exchange Commission (SEC) s has canceled the corporate registration of Suhail Medical Center Inc. for engaging in unauthorized solicitation of investments.
The SEC said its Enforcement and Investor Protection Department (EIPD) has discovered that the company headed by Jesser T. Cordova has been publicly offering and selling securities without the necessary secondary license.
“In doing so, Suhail Medical Center committed an ultra vires act under Section 44 of Republic Act No. 11232, or the Revised Corporation Code of the Philippines,” it said.
The SEC said Suhail Medical Center’s activities also constituted serious misrepresentation as to what it can do, “to the great prejudice of or damage to the general public, a ground for the revocation of a corporation’s certificate of registration under Presidential Decree No. 902-A, according to the order.”
Suhail Medical Center has been soliciting investments from the public worth P1.06 million for the co-ownership seat to its supposed hospital in Calamba, Laguna. Investors also have the option to purchase half a seat worth P550,000.