Bilyonaryo - Business

LYKA loses again: ARTA rejects Bren Chong firm’s request for automatic registration

March 23, 2023

Bilyonaryo.com

The Anti-Red Tape Authority (ARTA) said controversial online payments platform Lyka Gems cannot avail of automatic company registration despite delays in its application before the Securities and Exchange Commission (SEC).

ARTA cited the ongoing investigation on LYKA Philippines Solutions Inc.’s alleged financial malpractice as the reason why it cannot claim automatic approval for its pending SEC application.

Lyka had been flagged and banned by the Bangko Sentral ng Pilipinas (BSP) for operating a payment system without any license or registration. It became popular in the early days of its operation by tapping celebrities to endorse its financial services.

The company, which was established by World Balance scion Bren Chong, is also under probe for suspected money laundering activities.

The SEC requested for additional documents from Lyka for its application. Instead of complying, Lyka President Michael Bryant Lim ran to the ARTA for relief.

“The ARTA, however, affirmed the Commission’s position that the automatic approval mandated by law did not apply to LYKA, given that entities under investigation are not covered by the reglementary period provided in the Ease of Doing Business Act, and that automatic approval is only applicable upon submission of complete requirements,” the SEC said in a statement.

The financial regulator said it needed supporting documents so it could evaluate “the feasibility and sustainability of the company’s operation” and see if Lyka can properly protect merchants, investors, and company shareholders.

Related News Tags: Anti-Red Tape Authority (ARTA), Bren Chong, Lyka, Lyka gems, LYKA Philippines Solutions Inc.

Bullet Jalosjos claims talks with TVJ ‘doomed from the start.’ Here’s why

TAPE Inc. executive Bullet Jalosjos has broken his silence over his family’s feud with the “Dabarkads” who hosted Eat Bulaga for years, pinning the fallout on the comedic trio known as TVJ.

Walk down memory lane: Eat Bulaga fans flood Twitter with the show’s best moments

Amid the resignation of Tito, Vic and Joey from noontime show Eat Bulaga, as well as the mass resignation of the “Dabarkads” from TAPE Inc., netizens were curious to see what the production company would come up with in the first live show after TVJ’s announcement last May 31.

Bahala na board! Maharlika bill unclear on investment plan, says ex-banker

A retired international investment banker has sounded the alarm on the absence of clear guidelines in the bill creating the Maharlika Investment Fund, which is awaiting President Ferdinand Marcos Jr.’s signature.

Strong toll revenue boosts SMC tollway unit’s Q1 performance

San Miguel Corp.’s tollway unit reported a 36 percent increase in net income to P964 million in the first quarter of the year, driven by higher vehicle traffic.

Bullet Jalosjos claims talks with TVJ ‘doomed from the start.’ Here’s why

Walk down memory lane: Eat Bulaga fans flood Twitter with the show’s best moments

Bahala na board! Maharlika bill unclear on investment plan, says ex-banker

Strong toll revenue boosts SMC tollway unit’s Q1 performance

German-Philippine collaboration explores green hydrogen opportunities for off-grid communities

Fast food chain among 1,600 companies under probe for links to Bren Chong’s alleged P50B fake tax receipts scam

Diokno affirms commitment to economic growth in 2024: Infrastructure, agriculture, health, and education at the forefront

Recommended from sister websites

→ Abogado
UN rapporteur wants to become amicus curiae in Maria Ressa cyber libel case

→ Abogado
PNP: Murder raps readied vs at-large Bunduquin gunman

→ Politiko
Marcos appoints Herbosa as health chief, Teodoro to top DND post

→ Politiko
Ginhawa sa gastos! Lapid seeks bigger discount for seniors’ utility bills

→ Bankero
World Bank and ADB extend financing offer for government’s food stamp program

Power

Price relief ahead: Oil price rollback expected for gas, diesel and kerosene

Oil prices are set to decline as the global oil market experiences a softening trend, providing relief to consumers.

Money

Slay! GCash taps Drag Race PH bet for Pride Month campaign

Online wallet GCash has tapped a local LGBTQIA+ icon to celebrate Pride Month.

Business

Bullet Jalosjos claims talks with TVJ ‘doomed from the start.’ Here’s why

TAPE Inc. executive Bullet Jalosjos has broken his silence over his family’s feud with the “Dabarkads” who hosted Eat Bulaga for years, pinning the fallout on the comedic trio known as TVJ.

Property

Blinded by greed? Forbes’ ’30 under 30′ honoree draws flak over chaotic ConQuest 2023

Pop culture fans and cosplayers are furious at the organizers of ConQuest2023 for mismanaging the convention, which was marred with long lines, thick crowds and long waiting hours.

Latest on Bilyonaryo

Bullet Jalosjos claims talks with TVJ ‘doomed from the start.’ Here’s why

TAPE Inc. executive Bullet Jalosjos has broken his silence over his family’s feud with the “Dabarkads” who hosted Eat Bulaga for years, pinning the fallout on the comedic trio known as TVJ.

Walk down memory lane: Eat Bulaga fans flood Twitter with the show’s best moments

Bahala na board! Maharlika bill unclear on investment plan, says ex-banker

May pambayad na! Credit card delinquency rate down in 1Q2023

More Filipinos are able to pay off at least the minimum amount due on their monthly credit cards, the Credit Card Association of the Philippines (CCAP) has reported.