To prohibit East Asia Capital Corporation from doing business in the Philippines and to place its assets and affairs under receivership
CIRCULAR LETTER Series of 2003
TO : All Banks and Non-Bank Financial Institutions under BSP Supervision
Pursuant to Section 30 of Republic Act No. 7653 (The New Central Bank Act), the Monetary Board, in its Resolution No. 834 dated 12 June 2003, decided to:
1. Prohibit East Asia (AEA) Capital Corporation (EACC), an investment house with quasi-banking authority, from doing business in the Philippines and to place its assets and affairs under receivership in accordance with Section 30 of R.A. No. 7653; and
2. Designate Mr. Tomas S. Aure, Jr. as receiver of EACC.
The receivership took effect on 16 June 2003.
ALBERTO V. REYES Deputy Governor
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