Aman Futures has no business permit

CEBU, Philippines - The Cebu City Government did not grant a business permit to Aman Futures Group Philippines Inc. because it failed to comply with the documentary requirements.

City Treasurer Emma Villarete explained that a temporary permit was issued on September 28 but it expired after 20 days.

“From the directive of the Department of the Interior and Local Government to streamline the process, we issue temporary business permit so they can start operating while complying with the requirements,” she explained.

After the temporary permit expires, the CTO sends notices first and give companies 30 days to comply with the requirements.

Villarete said Aman’s application was a candidate for rejection because it failed to comply with the requirements.

She said the company failed to secure a fire safety certificate from the Bureau of Fire, sanitary permit and approval of the Zoning Board.

The company also failed in the validation of their registration with the Securities and Exchange Commission.

Villarete said she already wrote to Mayor Michael Rama recommending the immediate revocation of the temporary permit and disapproval of the application of Aman Futures Group.

Villarete said that the city government is now apprehensive to grant business permit to Aman Futures Group due to allegations against it.

The founder, Aman Amalilio, and employees of Aman Futures Group are wanted for allegedly duping over 10,000 small investors in Mindanao taking with them P12 billion of investments.

 Aman Futures Group promised their victims that their money will be doubled in just a month.   (FREEMAN)