Order Freezing the Assets of EUROCOM INTERNATIONAL MANAGEMENT, INC. (EUROCOM BUSINESS CENTER, INC.)

May 11, 1999 BSP CIRCULAR LETTER TO : All Commercial Banks And Thrift Banks SUBJECT : Order Freezing the Assets of EUROCOM INTERNATIONAL MANAGEMENT, INC. (EUROCOM BUSINESS CENTER, INC.) As requested by Chairman Perfecto R. Yasay, Jr., of the Securities and Exchange Commission (SEC), we are furnishing you, for your reference and guidance, a copy of his letter dated April 14, 1999, seeking assistance in the implementation of a SEC Order freezing the assets of EUROCOM INTERNATIONAL MANAGEMENT, INC. (EUROCOM BUSINESS CENTER, INC.) by informing trustee/depository banks of said corporation to disallow any and all withdrawals of any assets of said corporation in their custody. LLphil (SGD.) GABRIEL C. SINGSON Governor Prosecution and Enforcement Department April 14, 1999 The GOVERNOR Bangko Sentral ng Pilipinas City of Manila Dear Governor : On April 13, 1999, this Commission issued an Order FREEZING the assets of EUROCOM INTERNATIONAL MANAGEMENT INC . (EUROCOM BUSINESS CENTER, INC . ) . In this regard we would like to request your assistance for the implementation of the same by informing trustee/depository banks of said corporation to disallow any and all withdrawals of any assets of said corporation in their custody. Thank you for your usual cooperation. Very truly yours, (SGD.) PERFECTO R. YASAY, JR. Chairman IN THE MATTER OF EUROCOM INTERNATIONAL MANAGEMENT, INC. (EUROCOM BUSINESS CENTER, INC.) ORDER EUROCOM INTERNATIONAL MANAGEMENT, INC. (EUROCOM BUSINESS CENTER, INC.) is a corporation duly registered with the Commission under SEC Reg. No. A1996-01593, duly approved on June 27, 1996, with principal purposes, among others, (as amended November 10, 1997) to wit: "To engage in and pursue the enterprise of a business center, offering subscriptions for the use of business address and identification and other facilities and services of the corporation including but not limited to office rooms, cubicles, conference rooms, telephone and telecommunications equipment, subscribed financial and other international information services, photocopying, computers, secretarial, bookkeeping and messengerial services among others." This corporation is now subject of a complaint coming from investors who alleged that corporation engages into a currency trading activities, despite the fact that it was established principally to render business center services only. Likewise, EUROCOM has been representing ASIA CAPITAL FINANCING CORPORATION , a disfranchised foreign entity. cdt In view of the serious nature of the misrepresentation undertaken by EUROCOM INT'L . MGT . , INC . (EUROCOM BUSINESS CENTER, INC .) in its desire to lure the investing public coupled by the fact that subject corporation has not been issued a license to act or operate, as commodities future broker, there is an imperative need for said corporation to be enjoined from further operating as commodities futures broker, if only to safeguard and protect the interest of the public in general. WHEREFORE, pursuant to the authority vested in the Commission, EUROCOM INT'L . MGT . , INC . (EUROCOM BUSINESS CENTER, INC .) and all person acting for and behalf of the corporation, is hereby Ordered to CEASE and DESIST from further operating as commodities futures broker. The responsible officers and directors of Eurocom Business Center, Inc. are hereby directed to appear for a hearing on April 26, 1999 at 2 : 00 o'clock in the afternoon , to determine whether or not to lift this Order or to impose the sanctions as provided by Law. Accordingly, no withdrawal of funds from any bank and for any purpose shall be allowed without prior approval of the Commission. All the assets of subject corporations in wherever found shall be deemed FROZEN . All trustees/depository banks of subject corporations are hereby ORDERED to disallow any and all withdrawals of any assets in their custody. SO ORDERED. City of Mandaluyong, Metro Manila, April 14, 1999. (SGD.) PERFECTO R. YASAY, JR. Chairman (SGD.) FE ELOISA C. GLORIA (SGD.) ROSALINDA U. CASIGURAN Commissioner Commissioner (SGD.) EDIJER A. MARTINEZ (SGD.) DANILO L. CONCEPCION Commissioner Commissioner