The Securities and Exchange Commission (SEC) has revoked the registration of online lending firm SunCash Lending Investors Corp. due to unfair debt collection practices and failing to properly disclose its online lending platforms (OLPs).
The SEC said its Financing and Lending Companies Division (FLCD) found SunCash Lending to have “threatened borrowers with shaming on social media by publishing their names as scammers and warning the people in their contact lists that they are scammers, among others.”
SunCash Lending also failed to comply with the disclosure requirements on advertisements of financing companies and lending companies and reporting of OLPs.
SunCash Lending failed to pay its annual fees within the prescribed period and to file its interim financial statements for the first half of 2020 and the second half of the years 2019 and 2020.
SunCash Lending was the subject of a search warrant by the SEC and the Philippine National Police Anti-Cybercrime Group in December 2022 when it was discovered to be operating several online lending applications. The search warrant resulted in the arrest of 83 individuals that include company directors, officers, agents and employees.
“Accordingly, the FLCD has decided to revoke the company’s corporate registration in conjunction with the revocation of its certificate of authority,” the SEC said. – Ruelle Castro
