The Securities and Exchange Commission has revoked the incorporation papers of Lucky South 99 Corp. for operating as a Philippine offshore gaming operator even though its registration was as a business process outsourcing company.
The SEC’s Enforcement and Investor Protection Department said this was a violation of Section 44 of the Revised Corporation Code of the Philippines.
“Clearly, the fraudulent activities of Lucky South 99 Corp.(formerly Lucky South 99 Outsourcing Inc.) intend to mislead or deceive the public into believing it is authorized to conduct the cited activities,” the SEC said.
Lucky South 99 owned and operated the POGO hub in Porac, Pampanga raided by police in June and subsequently shut down by authorities for allegedly operating illegally in the country.
The SEC first granted the company in October 2019 its outsourcing certificate of registration with Michael Bryce B. Mascarenas, Stephanie B. Mascarenas, Rodrigo A. Bande, Xiang Tan and Jing Gu as incorporators.
Its primary purpose was to engage in the export of services by way of business process outsourcing and serve as independent contractor performing and offering front and back office services.
In February, however, it changed its corporate name to Lucky South 99 and its primary franchise 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”.
The SEC said Lucky South operated as a POGO years before securing its license.
