Sunday, May 26, 2019

SEC calls out disinformation propaganda defending KAPA

THE Securities and Exchange Commission (SEC) has renewed its call to the public that the agency's cease and desist order against Kapa Community Ministry International Inc. (Kapa) and its allied entities remains "effective and still valid."

The reiteration of its advisory came after SEC received reports regarding YouTube videos circulating online that "reported" Kapa Padayon has obtained a temporary restraining order (TRO) against the cease and desist order.

On February 14, SEC directed the Kapa Community Ministry International Inc., Kapa Kabus Padatuon (Enrich the Poor), Kapa/Kappa (Kabus Padatuon), Kapa-Co convenience store and General Merchandise, Kapa Worldwide Ministry to immediately cease and desist under pain of contempt from engaging in activities of selling and/or offering for sale securities in the form of investment contracts in the guise of a donation.

Kapa's president and chairman of the board of directors Pastor Joel Apolinario and all its officers, directors, partners, agents, representatives, conduits, and any and all persons claiming and acting for and in their behalf are also ordered to cease from promoting its investment scheme through the internet and/or delete or remove immediately the promotional presentation of such investment scheme from the websites.

According to SEC, the application of the TRO filed by Kapa before Branch 58 of the Regional Trial Court, General Santos City, was denied by Judge Joyce Kho Mirabueno in the order dated March 1.

"The pertinent portion of which reads, as follows: Thus, we find that in the present petition, the Regional Trial Court of General Santos cannot properly issue a 72-hour TRO to stop the implementation of a SEC Advisory (Annex A) and a SEC Cease and Desist Order (Annex B)," said SEC.

"Wherefore, premises considered, the prayer for the issuance of a 72-hour TRO is denied. The Office of the Clerk of Court of the Regional Trial Court is directed to comply with the procedure in Section 5 of Rule 58 of the Rules of Court on Preliminary Injunction, and to serve a copy of this order upon petitioner, through counsel," it added.

SEC warned the public to be cautious in dealing with Kapa and its allied entities, particularly in investing their money.

The public is also advised to call the Enforcement and Investor Protection Department for any inquiries or clarifications and updates on this matter.


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