CA grants reprieve to Prosperity.Com

The Court of Appeals (CA) reversed itself and reaffirmed the validity of the temporary restraining order (TRO) it issued earlier against the Securities and Exchange Commission (SEC) regarding its cease and desist order (CDO) to Prosperity.Com.

In a resolution promulgated last April 30, Associate Justice Eloy R. Bello, Jr. said: "One of the hardest things to do and to accept in life is to change one’s stand. To alter our very own decision is not an easy task. But, if it is for the interest of substantial justice, as we are supposed to be governed by the rule of law, we believe that no one is infallible."

The CA resolution enables Prosperity.Com to pursue its usual business operations as mandated under its corporate charter. The CDO cannot be implemented not only because of the TRO but more significantly because of the pending case filed by Prosperity.Com against the SEC which is set for preliminary injunction on May 25.

Joselito Chan, legal counsel of Propserity.Com, assured the thousands of website owners and sellers that the company remains to be an existing legitimate enterprise as re-affirmed by the courts.

Chan said there is nothing stopping them from selling the much in demand Internet websites since what they sell are consumer product and what article 53 of the Consumer Act of the Philippines prohibits is the employment of chain distribution plans or pyramid sales schemes in the sale of consumer products.