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State lawyer case vs Marcos crony bank execs strong

Sunday, August 21, 2011
THE government has a strong case to hold former Marcos Trade minister Roberto Ongpin and other officials of the Development Bank of the Philippines criminally liable for the alleged irregular P660 million loan transactions, a state lawyer said.
Solicitor General Jose Anselmo Cadiz also denied accusations of a witch-hunt, even after he was designated by President Benigno Aquino III as lead counsel in the prosecution of Ongpin for what he called “transactions (that) fall squarely in the description of a behest loan.”
Cadiz said Aquino’s instructions to him was to leave no stones unturned in holding accountable the persons responsible for the questionable loans at DBP, particularly the loans granted to Ongpin that has the hallmarks, not just of a behest loan, but also speculative insider trading.
He said the P660 million loan to Delta Ventures Resources Inc. (DVRI) may be considered behest since the borrower is undercapitalized, and the loan was under-collateralized.
Other “markers” for a behest loan present in the case is the deviation of use of loan proceeds from the purpose intended; the extraordinary speed in which the loan release was made to a crony. Ongpin himself admitted that he is a friend of former First Gentleman Mike Arroyo.
“Based on available document, we have a strong case to hold them liable for violation of Banking laws and the anti-graft and corrupt practices act… The real question is whether DBP officials violated banking laws and its own rules to engage in speculation using state funds when the DBP’s thrust is medium and small industries and not to depend on the value of shares,” he said
Cadiz said the previous DBP Board approved the loan, notwithstanding the fact that DVRI was undercapitalized with only P625,000 paid up capital with reported losses of P98 million and retained earnings of negative P2.3 million. DVRI loans were under-collateralized, as confirmed by DBP’s Internal Auditors.
He also said that Delta Ventures did not comply with the basic borrowing requirements mandated by banking laws and DBP’s Rules. “In fact, it is surprising that the DBP’s Board even waived the evaluation of Delta Ventures’ financial capacity to repay the loan, which is a basic precondition to the approval of loans,” he said.
The fact that DVRI was allowed by the previous DBP board to withdraw its collateral even if the P510 million was still unpaid, thereby leaving loan without collateral during the period when the original collateral was withdrawn, the OSG said.
Cadiz also said allegations that the government is engaging in a witch-hunt are mere diversionary tactics.
“It cannot be called a witch-hunt because clearly something wrong has been done and we are merely correcting it since documents show that the DBP and Ongpin violated the law. If we do not do anything for fear that we will be accused of persecution then we will have no functioning justice system,” he said.
He also said that the loans granted to Ongpin appear to be in the nature of “character loans,” and that the borrower “should not have qualified by any stretch of imagination.”
“We cannot allow that, otherwise rules will be violated on a mere promise that a loan will be paid. They should not have given loans based on speculation. The amount involved is really shocking. We are talking of more than half a billion pesos here,” he said.
Last August 5, the DBP filed criminal and administrative cases against its past board led by chairman Patricia Santo Tomas, president Reynaldo David, and Ongpin over P660 million in loans that the bank had granted to an Ongpin company to finance his acquisition of Philex Mining shares.
The complaint before the Ombudsman also named former DBP chief operating officer Edgardo Garcia and former directors Ramon Durano IV, Alexander Magno, Floro Oliveros, Joseph Pangilinan, Miguel Romero, Franklin Velarde and Renato Velasco among the respondents.
DBP chairman Jose Nuñez and president Francisco Del Rosario Jr. claimed that the past board extended two “behest” loans of P150 million and P510 million to an Ongpin company, Delta Ventures Resources Inc., despite its having only P625,000 in paid-up capital.
Delta Ventures used the DBP facility to buy a block of Philex Mining shares at P12.75 a share, flipping them less than a month later at P21 a share to the Metro Pacific Group.
COA findings revealed the transaction deprived the bank of an opportunity trading gain of P412.4 million.
The complaint also accuses the past bank officers of violating banking laws and exposing the bank to high lending risks. (ECV/Sunnex)

Source: http://www.sunstar.com.ph/manila/local-news/2011/08/21/state-lawyer-case-vs-marcos-crony-bank-execs-strong-174461

With new golf courses springing up in and around Clark Philippines and an ever-increasing patronage by tourists from neighboring South Korea, Clark Freeport is short on hotel accommodation.

Even with the addition of 27 holes in 2009 and 2010, there is an acute shortage golf tee times for at least 5-6 months each year. Local players compete with frustrated (golf) tourists from Korea and China for tee times. Unfortunately Clark Philippines doesn’t have the luxury of vast tracts of land suitable for this type of development.

Mimosa offers 36 holes of championship golf, visitors can pay and play, busy during the weekends but not that difficult to get on or join up with a group to form a 4-ball. The new FAKCC offers 27 holes of world-class golf.

Where to go in Clark? Hotel Clark Philippines is a De Luxe Hotel in Clark and Subic, a risk free place to stay, cozy and nice ambience, a nice function place for special occasion

You might want to check also the Yats Restaurant is the best restaurant for special dinner, best restaurant for dinner with friends near Manila, also the best place to celebrate special events.

Famous Restaurant in Pampanga, a place to dine with friends in Clark, cozy restaurant with a nice ambience, a nice function place for special occassions

Are you looking for an attractive restaurant or a nice place to eat with friends in Clark, Angeles City Pampanga? Yats Restaurant and Wine Bar is a restaurant with good food and good wines for dinner located at Clark Angeles City Pampanga. Perfect for exclusive dinner venues for groups, recommended for private dinner in Philippines. A Restaurant in Clark for business dinner meeting. Private dinner place or dinner restaurant in Clark Subic Near Manila Angeles City Pampanga. Yats Restaurant is one of the Good Restaurant in Pampanga Angeles City Clark near Manila.

What many tourists and residents of Manila, Subic, Pampanga Angeles City and Clark Philippines found out over the holidays when they traveled out of town going north to Pampanga for a short getaway and a nice vacation was that there is a highly recommended hotel in Clark is also a very night out place.

Looking for a party venue in town?
Clearwater Resort and Country Club is one of the ideal venues for birthday party because it is a risk free venue. Not only Birthday Parties but also a good place to enjoy family reunion. A good place to celebrate special occasions. Clearwater Resort and Country Club is one of the resorts in Subic Clark Angeles City Pampanga or near Manila with activity amenities, place that are nice for celebration.

This web site contains articles and information that will be helpful to visitors, residents and tourists traveling out of town from Manila on a short getaway to Subic, Angeles City, Pampanga and Clark Philippines. There are several web sites that contain information that might also be pertinent to what is happening in North Luzon, Subic, Tarlac, Pampanga, Clark Freeport Philippines.

Looking for interesting hotels near Manila Subic Clark Angeles City Pampanga?
Trouble free hotels and well recognized hotels in Subic Clark Angeles City Pampanga
Clearwater Resort and Country Club offers a good place to stay in Subic Clark Angeles City Pampanga. In offers nice place to have rest in Subic Pampanga outside Manila.
One of the Philippines top hotels in north Luzon.

Wedding couples looking for wedding reception venues and beach wedding venues can log on to this Philippines Wedding Venue web site for free information and assistance:

For assistance with lodgings, accommodations, hotels and resorts near Manila in Subic, Pampanga, Angels City and Clark Philippines log on to http://www.HotelClarkPhilippines.com

While in Clark, one might as well add to the itinerary a visit to the famous Clark Wine Center, the largest wine shop in Philippines which offers over 2000 selections of fine vintage wine from all wine regions, vintages spanning over 50 years covering all price ranges.

http://www.ClarkWineCenter.com

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