THE SECURITIES and Exchange Commission (SEC) has revoked the corporate registration of Lucky South 99 Corp., formerly known as Lucky South 99 Outsourcing, Inc., for violating corporate laws.
The SEC’s order, dated July 30, cited violations of Section 44 of Republic Act No. 11232, also known as the Revised Corporation Code of the Philippines (RCC), in conjunction with Section 179(j) of the RCC.
According to the SEC, Lucky South 99 Corp. was found to be engaged in activities beyond those permitted for a business process outsourcing company, as specified in the entity’s articles of incorporation (AoI).
“Considering that nowhere is it stated in its primary purpose that Lucky South 99 is authorized to engage and/or act as a Philippine Offshore Gaming Operator (POGO) in the Philippines, the activity of Lucky South 99 Corp. that intends to mislead or deceive the public into believing that it was authorized to conduct the aforesaid activities is considered an ultra vires act and therefore constitute serious misrepresentation,” the SEC said.
“It is important to emphasize that Lucky South 99 Corp. as a juridical person, is only allowed to exercise powers inherent to its corporate existence as provided in the RCC and those conferred in its AoI,” it added.
The state has linked Lucky South 99, a POGO based in Porac, Pampanga to human trafficking activities. — Revin Mikhael D. Ochave
