In a petition, Rhema International Livelihood Foundation, Inc. – a Kapa investor – challenged SEC’s closure order against Kapa as a non-stock corporation.
It told the SC it is a licensed foundation accredited with the Department of Social Welfare and Development and local government units in Metro Manila and Rizal, and that Cirfund is its special project. In their petition, Rhema executives said their constitutional right to due process was violated by SEC and the President when they “railroaded the process of law, making it summary procedure when it is supposed to be in a full-blown trial.”
They asked the SC compel the SEC, through Aquino, and the President to give compensation not less than P3 billion “for destroying Cirfund.” Kapa and its officers were charged with violations of Section 8 of the SRC which prohibits the selling or offering for sale or distribution of securities without a registration statement filed and duly approved by the SEC.
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