ANGELES CITY – A newly-formed local company is at a loss on what kind of complaint has been filed against it as it denied any irregularity with its business activities.
During a press conference on Wednesday at the Vista Verde clubhouse here, Lokal Plate Corp. (LPC) president and CEO Brian So, 27, presented LPC’s articles of incorporation from the Securities and Exchange Commission approved last August as well as its amendment which was approved on Nov. 11.
So said no complaint has been received by LFC other than an “advisory” from the National Bureau of Investigation not to sell securities to the public.
LFC legal counsel Atty. Peter Paul Maglalang said it appears that the NBI has been misled by one Angela Santos on unspecified alleged irregularities by LFC.
He explained that as far as Lokal Plate is concerned, it is not engaged with soliciting investment or trading of securities. LFC is engaged with the business of franchising which is compliant with its SEC registration. He said LFC has the articles of incorporation from SEC to support its claim.
For the record, So read the official company statement:
“Securities and Exchange Commission and the National Bureau of Investigation have been misled by an anonymous complaint by Angela Santos. Santos is not a franchisee nor involved in any of our business. We simply don’t know her.
“We believe that we were deprived of due process. We were not furnished a copy of the formal complaint beforehand and they did not seek our comments before the advisory was released.
“As far as Lokal Plate is concerned, we are not engaged with soliciting investment or trading of securities. We are engaged with the business of franchising which we are compliant with SEC. We have the articles of incorporation from SEC tosupport our claim.
“We assure our partners and other stakeholders that ‘We are legitimate business’.
“We acknowledge the advisory released by SEC and the investigation that is being conducted by NBI. As a legitimate business, we don’t tolerate any kind of fraud. Thus, they can expect that we will fully cooperate with any investigation to clear our name and to dispel the rumors that we have no legal authority to engage in franchising or we use franchising as a guise to solicit investments.”
So also announced his own statement saying he “is speaking on behalf of the nameless and faceless MSMEs who might have been crushed at the infancy stage of building businesses with noble causes. I am using my voice to amplify these MSMEs’ silenced voices that could’ve thrived but already fell as victims to giants in the industry that will not allow newcomers.”
“At Lokal Plate, we will turn these scars into stars for everyone to see that in the battle between David and Goliath, we stay firm about how underdogs can overcome the odds and be successful.”
Maglalang said despite LFC’s young executives, the company is doing good with its business. LFC executives are all in their twenties.