MANILA, Philippines - The Securities and Exchange Commission (SEC) has advised the public not to engage in discussions with shady entities claiming to facilitate negotiations in ongoing corporate investigations.
In a public notice, the corporate regulator said it received reports that false text messages are sent to threaten the recipient of a supposed SEC investigation involving the company that the recipient represents. The suspicious senders then offer to set up a meeting with SEC officials.
“SEC has not authorized any third person or entity to notify or communicate with said parties-in-interest relating to any existing or potential investigations,” the agency said.
“For the information of the general public, all SEC investigations are conducted in pursuant to the rules of procedures in, among others, proper notices and processes,” it added.
Specifically, parties-in-interest are notified through official and duly approved legal processes such as personal service, by mail, by courier and by publication.
All investigations, particularly the initial stages, are confidential in nature in line with the Securities Regulation Code, SEC said.
Under the Corporation Code of the Philippines, the examination of the activities of companies is also considered confidential.
Any notice or message from unidentified persons that appear suspicious should be reported to the agency’s Enforcement and Investor Protection Department, SEC said.
There are 800,000 SEC-registered companies to date, of which 500,000 are active corporations.