Title
Lost BSRD on Foreign Investment Repudiation
Law
Bsp Circular Letter No. Cl-2011-083
Decision Date
Oct 25, 2011
AIG Asian Opportunity Fund L.P.'s Bangko Sentral Registration Document has been reported lost and should not be honored for foreign exchange transactions, as per the guidelines set forth in the Manual of Regulations on Foreign Exchange Transactions.

Lost BSRD identified

  • The lost BSRD is BSRD No. A010337-0000.
  • The lost BSRD covers foreign investment registered under Series B Convertible Notes.
  • The foreign investor identified in the BSRD is AIG Asian Opportunity Fund L.P., Cayman Islands.
  • The issuer identified in the BSRD is Rustin Supercenters, Inc.
  • The lost BSRD is dated March 9, 2005.

Replacement application and effect

  • The lost BSRD has been applied for replacement.
  • The BSRD should not be honored if it is later found and presented.
  • The “should not be honored” instruction applies for use in the purchase of foreign exchange.
  • The restricted use is for repatriation of principal/capital.
  • The restricted use is also for interest/earnings remittance.

Foreign exchange purpose and legal basis

  • The instruction ties to Section 40 of the Manual of Regulations on Foreign Exchange Transactions, as amended by Circular No. 698 dated November 5, 2010.
  • The repatriation and remittance transactions covered are those made pursuant to Section 40 under the referenced foreign exchange rules as amended by the referenced BSP circular.

Guidance and compliance instruction

  • The BSP circular letter directs banks and relevant parties to treat the identified BSRD as not valid for honoring for the specified foreign exchange purposes.
  • The circular letter serves as information and guidance for handling the reported-lost BSRD.
  • The circular letter maintains that replacement is the operative path while the BSRD remains reported lost.
  • The circular letter establishes a specific handling rule tied to presentation “for purchase of foreign exchange” for the enumerated remittance types.

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