The Securities and Exchange Commission said Tuesday it filed with the Department of Justice criminal complaint against four companies engaged in illegal investment activities.
It said in a statement it filed a case against Astral Fuel Station Corp., Apollo Drugstore and Diagnostics Center, Inc., One Oasis Premier Holdings Corp. and Kalahari Leisure Farm Club Inc. for allegedly conducting unauthorized investment solicitation activities from the public without the proper license from the commission.
This is in violation of Republic Act No. 8799 or the Securities Regulation Code, it said.
The SEC implicated the Astral Fuel and Apollo president and chairman who was allegedly found to have established two other companies—One Oasis and Kalahari.
Also implicated in the complaint were other beneficial owners, directors and officials of the companies.
“It is respectfully prayed of this Honorable Office that probable cause against [Astral Fuel], [Apollo Inc.], [Kalahari], [One Oasis], and the officers, directors, agents, salesmen and investment solicitors be found and they be charged for violations of Sections 8.1, 26, 28, and 51.3 of the SRC, in relation Section 73 of the SRC and the corresponding criminal information for said offenses be filed in court,” the complaint read.
The case stemmed from various inquiries from the public regarding the legality of Astral Fuel and Apollo to solicit investments from the public.
The SEC said while both Apollo and Astral Fuel were registered with the commission, these firms neither have the required license to solicit investments nor have they filed for such with the commission.
It said Apollo and Astral Fuel were mere conduits to solicit investments from the public, as a review of their registration documents submitted to the SEC revealed that the companies have interlocking directors and common incorporators, stockholders and officers.