Merchant Marine Capt. Felix Aquino said the recent attack against their company was aimed to put pressure on SEC, particularly it’s Compliance and Enforcement Department (CED) to issue a cease-and-desist order (CDO), despite the lack of evidence to warrant such an issuance.
Aquino said their firm was never engaged in the act of selling shares of stock at 10 to 15 percent interest on return of investments as reported in some newspapers.
Aquino, who is presently the director of the company, also described as "false and malicious" innuendoes linking the firm into pyramiding and fraudulent multi-level marketing schemes.
"While we welcome any probe to take place, we maintain that Everflow Company is a legitimate corporation and not engaged in any pyramiding activities like G. Cosmos or Prosperity Dot Com companies," Aquino pointed out.
He questioned the publication of the report saying that they are not aware of any formal investigation being conducted by the SEC against Everflow.
"This is a classic case of trial by publicity. It’s a shame that the SEC is being used as an unwitting instrument by some quarters to realize their malevolent attack against Everflow," Aquino said.
He cautioned lawyer Thomas Syquia, head of the CED, to be more circumspect in issuing press statements directed against Everflow in the interest of fair play and due process.
"To resort to the media instead of the proper forum in order to address the alleged violations of SEC Rules and Regultions of some legitimate companies like Everflow will only weaken the Arroyo administration’s effort to attract foreign and domestic investment," Aquino explained.
He also appealed to SEC chairperson Lilia Bautista and the media to help Everflow clear its name before the suspecting public by addressing the matter with utmost consideration.