BAGUIO CITY – An American citizen questioned the management of Satarah Wellness Trading for its refusal to allow the pre-termination of his investment with the company contrary to what it promised in a paid advertisement and in a letter to Mayor Mauricio G. Domogan.
In a complaint letter filed with the Office of the City Mayor, Jorge D. Martinez Mayol, an American citizen, cited that Satarah Wellness was supposed to do mandatory termination of accounts of its investors pursuant to what the company officials committed to the local chief executive to avoid the implementation of its earlier closure order and as contained in a paid advertisement but what has been happening is that they had been allegedly re-scheduling the pay outs of investors and that they were no longer allowed to sign termination of their investments.
“As a US citizen, I have seen companies do this in order to buy time to take money and run off with it,” Mayol, who reportedly invested around P80,000 with a 26 percent interest, said.
Satarah Wellness Trading was issued a business permit by the city government primarily to be engaged in the retail of health and beauty products but not to solicit securities or investments from the public.
Earlier, the Securities and Exchange Commission (SEC) warned the public not to deal with the company because it was never issued a secondary license to solicit securities or investments from the public and that the pertinent cease and desist order is still pending evaluation and assessment.
In his letter to Satarah, Domogan cit6ed there were series of verbal complaints which he received over the past several months because of the management’s actions to collect investments from individuals which is in clear violation of the business permit issued by the city government that onl7y covers retail of health and beauty products (networking).
He also reminded Satarah management to comply with its previous commitment to stop collecting investments from individuals and that management will simply concentrate on its business of retail of health and beauty products as covered by the company’s issued business permit.
At the same time, the local chief executive pointed out that it was Satarah management that committed to return the investments of those individuals who want to withdraw their investments and what Mr. Mayol has alleged in his letter appears to be a violation of the management’s written commitments.
Domogan cited Satarah management must address the complaint of Mr. Mayol in order to prevent things from being complicated in the future once it goes out of control.
By Dexter A. See
