The Securities and Exchange Commission (SEC) has recently issued an advisory (as seen below) on CEAZAR PACIFIC MONEY LENDING CO. LTD, warning the public of the individuals and groups involved in the entity. The advisory states that the entity has no authority to engage in any kind of lending activities, and advises the public to avoid or stop participating in any kind of credit activities conducted by the said entity and its representatives.
In support of this view, Coins.ph does not endorse or is affiliated in any way with such activities or products. Moreover, we have a zero tolerance policy on fraudulent activities and potentially scamming practices. In a separate article, we have enumerated tips on how you can avoid investment schemes and other online scams. We urge our customers to be extra diligent with their funds and to act within our User Agreement.
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The Securities and Exchange Commission (the “Commission”)has received complaints against CEAZAR PACIFIC MONEY LENDING CO. LTD. mainly alleging that the entity is providing lending services to the public without the necessary secondary license from the Commission.
Republic Act No. 9474, otherwise known as the Lending Company Regulation Act of 2007(LCRA),and Republic Act No. 8556, or the Financing Company Act of 1998(FCA),provide that no lending or financing company shall conduct business unless granted authority by the Commission.
Likewise, the LCRA and FCA prohibit the act of holding out as a lending or financing company, or representing oneself as such, through advertisements in whatever form without authority from the Commission.
Based on the records of the Commission, CEAZAR PACIFIC MONEY LENDING CO. LTD. does not have a Certificate of Authority to Operate as a Lending/Financing Company. Hence, said entity has no authority to engage in any kind of lending activities.
CEAZAR PACIFIC MONEY LENDING CO. LTD. had registered with the Commission as a partnership. On 21 June 2017, however, the Corporate Governance and Finance Department (the “Department”)revoked the entity’s Certificate of Registration for failure to obtain a Certificate of Authority to Operate as a Lending/Financing Company.
In view of the foregoing, the public is hereby advised to avoid or stop participating in any kind of credit activities conducted by CEAZAR PACIFIC MONEY LENDING CO. LTD. and dealing with any individual representing it.
The public may report any information about CEAZAR PACIFIC MONEY LENDING CO. LTD. and other similar cases to the Department through email at cgfd_md@sec.gov.ph.For the guidance of the public.
Pasay City, 21July 2020.
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