Order Freezing the Assets of ASIA CAPITAL FINANCING CORPORATION (ACFC).

May 14, 1999 BSP CIRCULAR LETTER TO : All Commercial, Banks And Thrift Banks SUBJECT : Order Freezing the Assets of ASIA CAPITAL FINANCING CORPORATION (ACFC). 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 May 5, 1999, seeking assistance in the implementation of a SEC Order freezing the assets of ASIA CAPITAL FINANCING CORPORATION (ACFC) by informing trustee/depository banks of said corporation to disallow any and all withdrawals of assets of said corporation in their custody. (SGD.) ALBERTO V. REYES Officer-In-Charge May 5, 1999 HON. GABRIEL B. SINGZON Governor Bangko Sentral ng Pilipinas City of Manila Dear S i r : On May 4, 1999, this Commission issued an Omnibus Order that accounts and funds under the account name of ASIA CAPITAL FINANCING CORPORATION (ACFC) with any and all banking institutions in the Philippines, including but not limited to the following: Bank Account No. Bank of Southeast Asia 07-06-70007-0 Solid Bank 50-68-0014-30 should be FROZEN and no withdrawal of funds should be made therefrom until further Order of the Commission. (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 commercial and thrift banks where said accounts and funds are held/maintained in the name of ACFC to disallow any and all withdrawals therefrom without prior Order from the Commission. Thank you for your usual cooperation. Very truly yours, (SGD.) PERFECTO R. YASAY, JR. Chairman PED CASE No. 96-2122 IN THE MATTER OF EUROCOM INTERNATIONAL MANAGEMENT, INC. (EUROCOM BUSINESS CENTER, INC.) OMNIBUS ORDER On April 14, 1999, this Commission issued an Order directing the above named corporation and all persons acting for and in its behalf, to CEASE and DESIST from further operating as commodities futures broker. The Order likewise stated that "accordingly, no withdrawal of funds from any bank . . .shall be allowed without prior approval of the Commission." During the scheduled hearing on May 3, 1999 it was established before this Commission that the subject of investigation involve certain bank accounts under the account name of ASIA CAPITAL FINANCING CORPORATION with Bank of Southeast Asia, and Solid Bank. dctai So as not to render nugatory any Order which this Commission may issue in this entitled case and to protect the investing public, it is hereby ORDERED that the Bank Account No. Bank of Southeast Asia 07-06-70007-0 Solid Bank 50-68-0014-30 and all other banks should not allow any withdrawal of funds under the account name of ASIA. CAPITAL FINANCING CORPORATION, until further Order of this Commission The branch manager of the Bank of Southeast Asia, Greenbelt, Makati and Solid Bank. Greenbelt are likewise HEREBY DIRECTED to appear before this Commission to shed light on the manner in which the Account was opened at a hearing to be held on May 7, 1999 at 3:00 o'clock in the afternoon, Commission Room, 8th Floor, SEC Bldg., EDSA, Greenhills, Mandaluyong, Metro Manila. SO ORDERED. City of Mandaluyong, Metro Manila, May 4, 1999. (SGD.) PERFECTO R. YASAY, JR. Chairman