SEC suspends operations of three financing firms

SEC suspends operations of three financing firms

THE Securities and Exchange Commission (SEC) has suspended the certificate of authority to operate of three financing firms for failure to comply with reportorial requirements as well as to pay fees and penalties.

Documents from the SEC showed that it has suspended A.M. Creditworld Finance Corp., Golden Endeavor Microfinance Corp. and Belledone Financing Corp. for a period of 60 days from receipt of the order or until they have submitted their reports and paid the fees and penalties.

AM Creditworld, Golden Endeavor, and Belledone are required to pay the maximum penalty of P100,000 for the late and non-submission of their reports.

Golden Endeavor appealed to the SEC Baguio Extension Office to condone or reduce the prescribed penalties, but the regulator denied its petition.

After the lapse of the suspension period without compliance by the companies, the commission said it will immediately initiate proceedings for the revocation of their certificates of authority.

The three firms have continuously failed to respond to any of the letters and orders and notice of suspension, the SEC said.

Krista Angela M. Montealegre

--
---------------------------------------------
CARLOS ANI - SEEDFINANCE Corporation - http://www.seedfinance.net
Email: carlosani@seedfinance.net
Landline: +63495010127 Cellphone: +639152919580
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.posterous.com http://phildevfinance.wordpress.com
CONSULTING - http://www.carlosani.com
My Clippings - http://www.myclipps.posterous.com
------------------------------------------