The Securities and Exchange Commission (SEC) has revoked the corporate registration of Lucky South 99 Corp. for operating an unauthorized Philippine Offshore Gaming Operator (POGO) facility in Pampanga.
The decision, issued on 30 July but only released to the press on Wednesday, was based on violations of the Revised Corporation Code of the Philippines (RCC).
The SEC's Enforcement and Investor Protection Department (EIPD) found that Lucky South 99 Corp. breached Section 44 of the RCC restricting corporations to activities specified in their articles of incorporation (AoI) and legal provisions.
The SEC's order emphasized that Lucky South 99 was not authorized to engage in POGO activities as it was not included in its primary purpose under the RCC and AoI.
The company’s actions were deemed ultra vires—beyond its legal powers—and constituted a serious misrepresentation.
Initially incorporated in 2019 as Lucky South 99 Outsourcing Inc., the company was intended for business process outsourcing and real estate.
In February, Lucky South 99 amended its AoI, changing its name and primary purpose to include gaming, entertainment, and electronic games.
However, an investigation revealed that the company had been operating as a POGO facility without proper licensing, as confirmed by its listing in the Philippine Amusement and Gaming Corp.'s Offshore Gaming Licensees on 8 August 2023.
Earlier, the Department of the Interior and Local Government raided Lucky South 99’s office due to unauthorized operations and alleged involvement in trafficking Chinese nationals. The DILG subsequently shut down the POGO facility.