Order Freezing the Assets of WINGOLD MANAGEMENT PHILS., INC. (Wingold Management Limited)

April 21, 1999 BSP CIRCULAR LETTER TO : All Banks SUBJECT : Order Freezing the Assets of WINGOLD MANAGEMENT PHILS., INC. (Wingold Management Limited) As requested by Mr. Perfecto R. Yasay, Jr., Chairman, 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 WINGOLD MANAGEMENT PHILS., INC (Wingold Management Limited) by informing trustee/depository banks of said corporation to disallow any and all withdrawals of any assets of said corporation in their custody. dctai (SGD.) ARMANDO L. SURATOS Deputy Governor and General Counsel April 14, 1999 The GOVERNOR Bangko Sentral ng Pilipinas City of Manila Dear Governor : On March 30, 1999, this Commission issued an Order FREEZING the assets of WINGOLD MANAGEMENT PHILS, INC . (WINGOLD MANAGEMENT LIMITED) . Copy of the Order is attached for your perusal. 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 CSI CASE NO. 98-04-43 IN THE MATTER OF WINGOLD MANAGEMENT PHILS. INC. and/or WINGOLD MANAGEMENT LTD. ORDER WINGOLD MANAGEMENT PHILS., INC. (WMPI) is a corporation duly registered with the Commission under SEC Reg. No. A 199803739, duly approved on March 9, 1998, with principal purposes, among others, to wit: cdpr "To act as manager or managing agents of persons, firms, associations, corporations, partnerships and other entities to provide, management investment and technical advice for commercial, industrial, manufacturing and other kinds of enterprises; and to undertake, carry on, assist or participate in the promotion, organization of corporations, partnerships and other entities, except the management of funds, securities, portfolios or similar assets of the managed entities or corporation ." This corporation is now subject of complaints coming from investors regarding its alleged foreign currency trading activities, despite the fact that it was established principally to render management and consultancy services only. Likewise, WMPI has been representing WINGOLD MANAGEMENT LIMITED (WML) a disenfranchised foreign entity. In view of the serious nature of the misrepresentation undertaken by WMPI in its desire to entice 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, WINGOLD MANAGEMENT PHILS., INC. and/or WINGOLD, MANAGEMENT LIMITED are hereby ordered to CEASE and DESIST from further operating as commodities futures broker. Its officers and directors are hereby directed to appear for a hearing to be conducted by the Commission En Banc on April 20, 1999 at 10:00 o'clock in the morning at the 8th floor, SEC Bldg., EDSA, Greenhills, Mandaluyong City, to determine whether or not to lift this Order or to impose the sanctions as provided for 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 wherever found shall be deemed FROZEN. All trustee/depository banks of subject corporations are hereby ORDERED to disallow any and all withdrawals of any assets in their custody. SO ORDERED. March 30, 1999, Mandaluyong City. (SGD.) PERFECTO R. YASAY Chairman (SGD.) FE ELOISA C. GLORIA (SGD.) ROSALINDA U. CASIGURAN Commissioner Commissioner (SGD.) EDIJER A. MARTINEZ (SGD.) DANILO. L CONCEPCION Commissioner Commissioner