Mr. Roberto A. Tayam

November 18, 1983 Mr. Roberto A. Tayam Eurasian Maritime Corporation 5th Floor, Victoria Bldg., 429 United Nations Avenue Ermita, Manila Sir : This has reference to your letter dated October 21, 1983 requesting information on legal sanction imposed by the Securities and Exchange Commission against person or group of persons offering to the public, through newspaper ads, services of an unregistered corporation. cdlex It was cited in the abovementioned letter that a certain Mr. Antonio V. Orosco of 1249-B Cardona St., Rizal Village, Makati, allegedly advertised in Business Day that Asian Maritime Overseas, Inc., c/o Syncho, Inc. 7th Floor JEG Building, Legaspi St., Legaspi Village, Makati, is the exclusive general agent in the Philippines of Union System (Hongkong) Ltd. You verified that Asian Maritime Overseas Inc. is not registered with SEC and the municipal government of Makati has not given it any business license. Please be informed that under Section 5 of Presidential Decree 902-A, as amended, the Securities and Exchange Commission, in addition to its regulatory and adjudicative functions over corporations, partnerships and other forms of associations registered with it as expressly granted under existing laws and decrees, has original and exclusive jurisdiction to hear and decide cases involving: "a. Devices or schemes employed by or any acts, of the board of directors, business associations , its officers or partners, amounting to fraud and misrepresentation which may be detrimental to the interest of the public and/or of the stockholder, partners, members of associations or organizations registered with the Commission." (emphasis supplied) Thus, if you are a victim of the alleged misrepresentation as aforementioned, you may file a verified complaint with this Commission. Without a formal complaint, this Commission cannot appropriately conduct an investigation relative thereto. Very truly yours, (SGD.) CORAZON I. MORANDO Director Corporate and Legal Department