May 21, 2014
SEC CRMD
IN THE MATTER OF GOLDQUEST INTERNATIONAL LTD.
SEC Registration No. A199817879
FOR : Revocation of License to Transact Business in the Philippines on the Ground of Violation of the Corporation Code and SEC Rules and Regulations on Reportorial Requirements
ORDER
WHEREAS, on December 4, 1998, GOLDQUEST INTERNATIONAL LTD. ("subject corporation"), a foreign corporation organized and existing under the laws of British Virgin Islands, was issued a license by the Commission to establish a representative office in the Philippines under SEC License No. A199817879;
WHEREAS, Section 141 of the Code mandates every corporation to annually submit their reports to the Commission, such as, General Information Sheet and the Financial Statements, thus:
"Every corporation, domestic or foreign, lawfully doing business in the Philippines shall submit to the Securities and Exchange Commission an annual report of its operations, together with a financial statement of its assets and liabilities, certified by any independent certified public accountant in appropriate cases, covering the preceding fiscal year and such other requirements as the Securities and Exchange Commission may require. Such report shall be submitted...
