NEW Seataoo Corp. (Seataoo) has responded to a Securities and Exchange Commission (SEC) order cancelling its registration and imposing a P1-million fine for unauthorized investment activities.

The company claimed the issue was due to industry competition and assured customers that its operations would continue.

On June 11, Seataoo informed users through its Facebook page that it had been the "subject of a complaint from a competitor," leading to the SEC's revocation order.

In an email to The Manila Times, Seataoo said that it had "established a task force specifically to appeal the SEC's injunction."

The company emphasized that the regulator's decision was not final and that it had submitted all necessary documents to comply with regulatory requirements.

"Our legal team is working diligently to address this matter, and we assure you that it will be resolved promptly," it said.

The SEC's directive came after its Enforcement and Investor Protection Department found out that Seataoo was soliciting investments from the public without the required license, a violation of the Securities Regulation Code.