Subic Island Residential Marina and Yacht Club

Prosecution and Enforrenent Department SECURITIES AND EXCHANGE COMMISSION City of Mandaluyong. Metro Manila SEC Building. EDSA, Greenhills REPUBLIC OF THE PHILIPPINES DEPARTMENT OF FINANCE MARiNA & YATaH ClUB SUBIC ISLAND RESIDENTIAL & MARINA CLUB.INC. and PAMANA ISLAND RESORT HOTEL PRIMELINK PROPERTIES & DEV. CORP. IN THE MATTER OF PED CASE NO. 97-2139 and they received money deposits from prospective members. This matter was not membership shares of Subic isiand Pesidential Marina and Yatch Club to the public through evidenced adduced that the subject corporations had been offering and Yacht Club (a nor:-registered entity). Isiand Resort Hotel and Marna Club, inc. and 3.) Subic Island Residential Marina Securities Act: 1.) Primelink F'roperties and Deveiopment Corporation 2.) Pamana shares to the public withrouit pioperregistration thereof pursuant to the Revised against the.officers of the foll-ving corporations, from selling and offering membership corporation to Show Cause v:iny a Cease and Desist Order (CDO) should not be issued At the hearing called for the purpose on February 6, 1997 it was established This Commission or Jlanuary 13, 1997 issued an Order requiring the CEASEAND DESISI ORDER CEASE AND DESIST ORDER Page 2 PED CASE MO. 97-2139 denied by the representatives of the *rr** ations during the hearing WHEREFORE, in order to protec: the public and pursuant to the power vested in this Commission, it is hereby orderer 1. That all the officers, firertors, persons or entities acting for and in behalf of the subject corporntions and entity, to CEASE AND DESiST frorn selling or offering membo!shir' shares to the public; 2. To produce not later than February.28, 1997, the following Books and Records of transactions for examination by the investigation and audit team of the Prosecution and Enforcement Department of this Commission: in order to determine the extent of the amount of membership shares offered or sold to the public; 2 Schedules of Sales Consummated or Reservations accepted showing the following details: 1) Name of Customer; 2) Items Purchased/Reserved: 5) Amount of (Jeposit received 3} Date Reserved: 4) Cost of Items Reserved; and Reservation Forns Accomplished from July 1996 to 6 January 1997 Sales Book/Reservation Form logbook for shares sold D Bank Statements of all Depository Banks from July 1996 to December 1997 ( Official/Provisional receipts issued pertaining to Reservations received Cash receipts Books frorm July 1996 to December. 1997 reflecting the entries on deposits received Other documents deemed necessary during the course of the examination, including but not limited to verifica tion of Primelink bank deposit of reservations collected PED CASE NO. 97-2139 CEASE AND DESIST ORDER Page 3 Y Commission not Iater tha!: Fetrua:v :8. 1997 on the shares to be sold to the public; and 3 To fife the apr"priato registration statements with this of the hearing of this oase on March 12, 1997 at 10:00 o'clock in the morning, Commission Roorm. :th Floor. 4. To appear before ti're: C:mmission En Banc at the resumption SO ORDERED City of Mandaluyong, Metro Martia. "February 17,. 1997 FOR THE EN BANC 0.c a OTILIO C: SANDIEGO Director, PED