The Securities and Exchange Commission (SEC) said it has secured the conviction of six officers of Manak Pur Lohara Lending Corp. for falsifying documents related to its registration with the agency.
Each officer – Margie Minoza, Mylene Mariano-Galvez, Marchie Bandril, Luz Mejarito, Harpreet Singh Virk, and Kulwinder Singh – was sentenced jail time of six months to one year and six months for violation of the Lending Company Regulation Act of 2007 (LCRA or RA9474).
The SEC said it pursued the case against the officers of Manak Pur Lohara Lending after finding they submitted false statements in their application for the incorporation of the company.
“The group submitted a certificate of bank deposit in the amount of P1 million… to comply with the minimum paid-up capital prescribed by the LCRA during its registration as a lending company with the Commission in 2017,” the SEC said.
“Upon verifying with the bank, however, the SEC found that no such certificate was issued. The Commission subsequently denied the company’s application for registration as a lending company,” it added.
The conviction in Manak Pur Lohara Lending marks the 11th conviction by the SEC for violation of the RA9474, with 92 individuals convicted.
