Asian capital formerly managed by board (7)
I believe the answer is:
rangoon
'asian capital' is the definition.
(I've seen this before)
'managed by board' is the wordplay.
'managed' becomes 'ran' (both can mean organised or was in charge of).
'by' is a charade indicator (letters next to each other).
'board' becomes 'go on' (eg to board a train is to go onto it).
'ran'+'goon'='RANGOON'
'formerly' is the link.
This may not be right. It may be part of another bit of the clue.
Can you help me to learn more?
(Other definitions for rangoon that I've seen before include "Burma's capital" , "Alternative name for Yangon" , "It's now Yangon in Myanmar" , "Asian capital" , "Former capital of Burma" .)