SEC revokes Lucky South 99 registration

MANILA, Philippines — The Securities and Exchange Commission (SEC) has revoked the corporate registration of Lucky South 99 Corp. for its unauthorized involvement in Philippine offshore gaming operator (POGO) activities.

The SEC Enforcement and Investor Protection Department (EIPD) ordered the revocation of Lucky South 99’s certification of incorporation and registration for violations of the Revised Corporation Code of the Philippines.

Under the order, the EIPD found Lucky South 99, formerly Lucky South 99 Outsourcing Inc., engaging in activities other than that of a business processing office as stated in its primary purpose.

“Considering that nowhere is it stated in its primary purpose that Lucky South 99 Corp. is authorized to engage and/or act as a Philippine offshore gaming operator 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 EIPD order said.

Lucky South 99 was granted its certificate of registration by the SEC in October 2019.

Under its articles of incorporation, its primary purpose is to engage in the export of services by the way of business process outsourcing, serving as an independent contractor performing and offering front and back office services.

Its secondary purpose, meanwhile, includes owning, developing and holding for investment or otherwise real estate of all kinds, except property management of a real estate investment trust.

Last February, the SEC said Lucky South 99 amended its articles of incorporation, particularly its corporate name and business purpose with increase of capital stock.

Its amended primary purpose is “to engage in the business of gaming, entertainment and content streaming of live gaming action in conjunction with the operation of electronic games at gaming sites, except online sabong, catering to the local, regional and global market; and in relation thereto, establish thru joint ventures.”

Also added in its secondary purpose is “to develop a hotel with internet shops and gaming facilities.”

The EIPD