THE Securities and Exchange Commission (SEC) has revoked the registration of Empire 999 Realty Corp., citing misrepresentation in its registration details as well as for engaging in unauthorized activities.
The SEC said its investigation showed Empire 999 failed to secure the necessary secondary license for its operation as a realtor. The SEC also discovered the company declared a false address when it registered.
This after a raid of a warehouse owned by the company in Pampanga yielded P3 billion worth of metamphetaminehydrochloride or shabu last year.
The SEC said while Empire 999 Realty declared its primary purpose is to develop, market and sell “lot, houses and lot, condo or apartment units and raw lands insofar as may be permitted by law, and all kinds of construction and renovation works,” these operations require that the company first secure secondary licen ses from the following: he Department of Human Settlement and Urban Development (DHSUD) as a real estate developer; 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, however, noted since its incorporation in August 2015, the company did not disclose in its general information sheet it had the required licenses with the other government agencies.