SEC seizes evidence vs. pre-need

MANILA, Philippines- The Securities and Exchange Commission has confiscated documents from pre-need plan Phil-Asia Care Plans Inc. which will be submitted to a trial court to beef up the regulator's case against the firm. In a telephone interview, Hubert Guevara, SEC compliance and enforcement department director, said among the documents that they seized would prove that Phil-Asia was still selling pre-need plans as recent as last year. SEC has directed Phil-Asia to stop selling plans to the public as its license to sell pre-need plans had been revoked in 1993, while its dealership permit had been recalled in 1996. SEC officials also said they are presently making an inventory of the documents they were able to seize. The regulator has filed four charges before the court against Phil-Asia and that it may even add more cases following the raid SEC conducted Monday evening on the pre-need's office. GMANews.TV