Suspicious fraudulent website of "East Asia Credit"

The Hong Kong Monetary Authority (HKMA) wishes to alert members
of the public in Hong Kong to a suspected Internet fraud involving
"East Asia Credit", a website with the domain name "www.eastasiacredit.com". This website
uses a name similar to that of East Asia Credit Company Limited,
which was a subsidiary of The Bank of East Asia, Limited (BEA).
East Asia Credit Company Limited's authorization as an authorized
institution was revoked after it was merged with BEA on 26 May
2003. According to the website, "East Asia Credit" has offices in
Ireland, Hong Kong and Taiwan. The website claims that "East Asia
Credit" offers a number of banking and investment services,
including deposit taking.

The public should be aware that "East Asia Credit" is not
authorized under the Banking Ordinance to carry on banking business
or the business of taking deposits in Hong Kong. BEA has issued a
press statement today to clarify that this website has no
affiliation with BEA, nor with any of its employees or existing or
former subsidiaries.

BEA has already referred this website to the Hong Kong Police
Force for further investigation. The HKMA has also been liaising
with the financial authorities in Ireland and Taiwan to take
appropriate action in relation to this website. Anyone who has
dealings with "East Asia Credit" should contact any local Police
Station or the Commercial Crime Bureau of the Hong Kong Police
Force at 2860 5012.

"Members of the public in Hong Kong are reminded to verify the
status of any organisation making use of the Internet to solicit
deposits from the public, " said a HKMA spokesperson. "Only
authorized institutions regulated under the Banking Ordinance are
allowed to carry on banking business or the business of taking
deposits in Hong Kong. A list of authorized institutions is
available on the HKMA's website (www.hkma.gov.hk). Members of the
public may also check the status of any entity in Hong Kong which
solicits deposits from the public with the HKMA by calling 2878
8222".

For further enquiries, please contact:
Kevin Ip, Manager (Press), at 2878 1687 or
Thomas Chan, Senior Manager (Press), at 2878 1480

Hong Kong Monetary Authority
24 September 2003