^

Business

SEC issues CDO against Everflow

-
The Securities and Exchange Commission disclosed yesterday that it had already issued a cease-and-desist order against the Everflow Group of Companies since January.

Tomas Syquia, head of the SEC’s Compliance and Enforcement Department, clarified earlier statements regarding Everflow, by saying a CDO has already been issued against the Everflow Group since Jan. 15 this year.

The Everflow Group is said to be a conduit of the Multinational Telecom Investors Corp. (Multitel) which had been permanently enjoined by the SEC from further soliciting investments from the public.

Other companies said to be used by Multitel in soliciting investments from the public and which are covered by the CDO issued by the SEC are Partners in Progress Holdings Inc., Sage Management Corp., CUP Multi-Purpose Cooperative Inc., Multilink Multi-Purpose Cooperative Inc., Oceanic Employees, Bethel Multi-Purpose Cooperative, Goodwill Development Cooperative, and Hangdog sa Pag-unlad Multi-Purpose Cooperative.

The CDO against Everflow and Multitel had already been made permanent. This means that these companies should no longer be operating and seeking investments from the public.

The Everflow Group earlier denied selling shares of stocks at 10-percent to 15-percent interest.

Everflow director and Merchant Marine Capt. Felix C. Aquino said the company, believing that Multitel is a legitimate business entity, acted as its financial consultant for a very limited period.

Aquino said that upon issuance of the CDO, the Everflow Group immediately asked Multitel to explain why the latter was being ordered to stop operating. Multitel, he said, was unable to explain the reasons.

Based on initial reports, the Everflow Group has been promising investors monthly interest of 10 to 15 percent for a minimum placement of P50,000 for a period of three to six months plus the return of their investment at the end of the holding period. – Zinnia dela Peña

AQUINO

BETHEL MULTI-PURPOSE COOPERATIVE

COMPLIANCE AND ENFORCEMENT DEPARTMENT

EVERFLOW

EVERFLOW AND MULTITEL

EVERFLOW GROUP

EVERFLOW GROUP OF COMPANIES

FELIX C

GOODWILL DEVELOPMENT COOPERATIVE

MERCHANT MARINE CAPT

MULTITEL

  • Latest
  • Trending
Latest
Latest
abtest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

Get Updated:

Signup for the News Round now

FORGOT PASSWORD?
SIGN IN
or sign in with