FLAGGED entity Togachat Academy Philippines, Inc. was found to be operating under a new name after getting its registration revoked by corporate regulators.
“The Securities and Exchange Commission (SEC) has discovered that Togachat Academy Philippines, Inc. still continues to operate under new company named Eostre Berhad despite the issuance by the commission of an advisory, cease and desist order, and order of revocation against it,” the commission said in an advisory.
Togachat’s registration with the commission was revoked in January last year for violating provisions of the Revised Corporation Code, the Securities Regulation Code and the SEC Reorganization Act. The entity was found offering the public investment opportunities without securing proper licenses.
Togachat is now operating under Eostre Berhad, offering products such as ostre Quantum Disc, Eostre Vitality Pendant, and Eostre Sanare Mattress.
The commission said the products were injected onto the scheme “to lend a semblance of legitimacy to its operations.”
Investors earn through recruiting new members, where they may receive “Eostre Berhad points” (EBP) and Yipps, which may be redeemed through transactions in messaging app Yippi. EBPs may be cashed out or converted into Toga Ltd. shares.
The SEC reiterates that Togachat’s registration as a corporation has already been revoked. It added that Eostre Berhad is not registered with the commission and is also not authorized to collect investments from the public.
In 2019, Toga Capital Ltd.’s registration as issuers of securities was revoked by the US SEC after failing to comply with reportorial requirements. It was also found to be a revoked Nevada corporation located in Malaysia’s Kuala Lumpur.
Meanwhile, the central bank of Malaysia, Bank Negara of Malaysia, included Toga Ltd. and its parent company Toga Capital Sdn. Bhd. in its list of unauthorized entities for its Financial Consumer Alert.
The SEC said those acting under Togachat Academy Philippines or Eostre Berhad may be fined up to P5 million, a maximum 21 years of imprisonment, or both. It added that names of those involved will be reported to the Bureau of Internal Revenue for penalties and other assessments. — Keren Concepcion G. Valmonte