July 17, 2012
SEC-IPSD FC ORDER NO. 083-12
IN THE MATTER OF WEAM FINANCE CORPORATION
ORDER OF REVOCATION
The records on file with this Commission show that Weam Finance Corporation (WFC) failed to comply with the reportorial and other requirements of the Financing Company Act of 1998 and its Implementing Rules and Regulations and to pay the annual fees for 2009 up to present and the corresponding penalties for said violations.
Based on the ocular inspection conducted by an SEC Examiner on 05 December 2011 in the principal office of the company at Mabalacat, Pampanga, the company is no longer in operation. The address where the company was supposed to be holding office is now being occupied by SunCare Lending Corporation. Mr. Jeremy Sun, president of SunCare Lending Corporation and a director of WFC, informed the SEC Examiner that the company has ceased operation in 2009 when his father, the president of WFC, migrated to the United States.
Pursuant to the resolution of the Commission in its meeting on 28 June 2012, the company's Certificate of Authority to Operate a...
