THE Securities and Exchange Commission (SEC) has revoked the corporate registration and lending license of Gul-Zara Lending Investor Corp. for repeated violations of reportorial requirements and other regulations.
In a March 17 order, the SEC’s Financing and Lending Companies Department (FLCD) said the company failed to comply with provisions of Republic Act 9474, or the Lending Company Regulation Act of 2007, the Revised Corporation Code, and several commission issuances.
“Given the multiplicity, duration and continuity of violations, the ultimate penalty of revocation is not only authorized but compelled by regulation,” the SEC said.
The regulator cited Gul-Zara Lending’s continued non-compliance with reportorial requirements, including failure to pay annual fees since its incorporation in 2009, delayed submission of general information sheets and financial statements and non-submission of required lending company and interim financial reports.
The company was also found to have violated SEC rules requiring the disclosure of contact information and online lending platforms, as well as directives covering digital lending operations.
Despite a moratorium on new and unregistered online lending platforms, the commission said Gul-Zara continued operating platforms identified as Ulend-Fast Cash Loan and GZLend.
The SEC also noted the company’s failure to submit required documents such as its impact evaluation report and business plan.
It also ordered Gul-Zara Lending chairman and president Jennifer Sulit and board members Rachiel Medina, Edna Bubay Ocampo, Gulzara Singh and Geja Singh to pay an administrative fine of P100,000 each.
