The Securities and Exchange Commission-Davao Extension Office has advised the public against investing in G-Harvest Inc./Great Harvest Inc.
The call was in relation to the advisory that the Commission released on May 20 against the entity, with principal office at Door 11, DV Patricio Building, Tulip Drive, Ecoland, Matina Crossing, Davao City.
The Commission quoted reports from the public which claimed that G-Harvest INCORPORATED, operated by its CEO Vencint O. Canal and the company’s corporate secretary Shunah Mae Cemene, was enticing the public to invest in the company by offering them a very high return of investment equivalent to 23-27% for a maximum of P10,000 per slot for a period of six months.
Based on the copy of the contract/agreement, G-Harvest was advertising itself as crowdfunding platform that grows agricultural businesses. In its website, it is inviting the public to become its partner.
“Since said scheme involves the offer and sale of securities in the nature of investment contracts to the public, the Securities Regulation Code (SRC) requires that these securities are duly registered with the Commission and that the concerned corporation and/or its agents have appropriate registration and/or license to sell such securities to the public pursuant to Sections 8.1 and 28.1 of the SRC,” the advisory said.
While G-Harvest secured a primary license from the Commission, it does not have as the necessary secondary license to offer securities for sale within the Philippines, as required under the SRC. The SRC also punishes those who act as salesmen, brokers, dealers or agents with a maximum fine of P5 million or imprisonment of up to 21 years or both.
Furthermore, the names of all those involved will be reported to the Bureau of Internal Revenue (BIR) so that the appropriate penalties and/or taxes be correspondingly assessed.
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