The Philippine Deposit Insurance Corporation (PDIC) requested the Securities and Exchange Commission (SEC) to immediately turnover the missing vessel, M/Yacht Vijin, owned by the closed Bank of East Asia (Minglanilla, Cebu), Inc. to the PDIC, the statutory receiver of said bank.

Bank of East Asia is a Legacy-affiliated bank placed under PDIC receivership on December 12, 2008 by virtue of Monetary Board (MB) Resolution No. 1647.

In a letter to SEC Chairperson Fe Barin, PDIC said that during the inventory conducted at the closed Bank of East Asia, it found that the vessel was among the missing assets of the bank. Recently, PDIC learned that the vessel was sighted inside one of the properties allegedly owned by Celso de los Angeles located in Punta Engano, Mactan, Cebu. Said property had been sequestered by SEC.

As statutory receiver of banks ordered closed by the MB of the Bangko Sentral ng Pilipinas, PDIC inventories and administers assets of the bank and converts the same into cash to be distributed to creditors of the closed bank. The New Central Bank Act and PDIC Charter provide that assets of closed banks under receivership shall be deemed in custodia legis in the hands of the receiver and are exempt from any order of garnishment, levy, attachment or execution.