SEC Chair Emilio Aquino
The Securities and Exchange Commission has revoked the license of Robocash Finance Corp. to operate as a financing company for running several unauthorized branches.
The Corporate Governance and Finance Department (CGFD) of the SEC issued the order of revocation on Dec. 12 after establishing that Robocash had violated the implementing rules and regulations of the Financing Company Act of 1998.
In the course of its monitoring procedure, the CGFD found that Robocash operated several branches without the requisite certificate of authority.
In reply to the SEC’s show cause order, Robocash admitted to establishing and operating branches without the necessary authority but argued that it did not maliciously violate the law by putting up branches without the necessary certificate of authority.
The CGFD, however, found no merit in the company’s arguments, noting that Robocash had been able to secure 32 certificates of authority for 32 separate branches. “Thus, it is even more appalling that despite being aware of the requirement of the law, Respondent knowingly and willingly committed repeated violations thereof,” the SEC said.
Considering the number of times Robocash “knowingly and willingly committed the same violation,” the SEC unit explained that the revocation of the certificate of authority was “warranted” under this situation.