Remember Urban Bank

[artpogi]

Court clears Urban Bank management
The Supreme Court has cleared the late president and several officials of the defunct Urban Bank Inc. of criminal liability arising from banking practices that led to the closure of the bank in 2000.

The exoneration, based on findings that their indictment was railroaded by the prosecutors, came five years after the Urban Bank president Teodoro C. Borlongan committed suicide four days before his 50th birthday on April 11, 2005.

Borlongan was the last president of the Urban Bank, which was closed by the Bangko Sentral ng Pilipinas on April 26, 2000.

Apart from Borlongan also named in the criminal cases ordered dismissed by the SC were former board members of the bank board Delfin Gonzales, Jr., Benjamin De Leon, P. Siervo Dizon, Eric Lee, Ben Lim Jr., Corazon Bejasa and Arturo Manuel.

The SC’s Second Division through Associate Justice Jose Perez cleared Borlongan along with other officials of the defunct bank and directed the Municipal Trial Court in Bago City to dismiss four criminal cases filed against Borlongan and other UBI officials.

Associate Justices Arturo D. Brion, Mariano C. Del Castillo,Martin S. Villarama,Jr. and Jose Mendoza concurred in the ruling that reversed and set aside the decision of the Court of Appeals dated 20 June 2000. Rey Requejo

The late Borlongan must be turning in his grave now.

Hmmm... let's see if Borlongan's family will sue BSP or the officials of BSP during that time.

Poor guy

[Galactus]

Hmmm, if that's the case, who the hell will the public blame for that fiasco? A lot of people I know lost a sizeable amount of money from that bank's closure.

I'm not shedding any tears for this Borlongan guy. The justice system here really sucks, big-time.

[tidus1203]

I remember my father side auntie able to get her money out roughly 3 weeks to a month before it collapsed... Pano kasi they were giving very very high interest rates... Greed kills!

[vinj]

Pano kasi they were giving very very high interest rates...

Thats one sign of an institution in distress... they need the funds/deposits.