DBP Lawyer Commits Suicide

[niwde11]

Ongpin knew Pangilinan was willing to pay a premium for Philex shares

so Ongpin frontran Pangilinan -- buying up Philex shares everywhere (from Ashmore, from Gokongwei, from Manny Zamora, from DBP) to sell to Pangilinan at a profit

kinda like a scalper

yep. now eto bang expose na to e worth to pin down the previous admin(the present govts priority)? medyo mahirap imho.

[Ry_Tower]

now, we can only wish a bright and uncorrupt president for us to move on.

+1 on this.

Hindi puwede yung uncorrupt lang. Medyo matagal titino gov't niyan.

[uls]

kaya sabi ko before PNoy won the elections that if PNoy became president it won't be PNoy running the country but the people close to him

PNoy may be un-corrupt, but we're not so sure of people close to him

[Monseratto]

Magkano ata **na-donate** kay Pidol para lumantad...?

Recently, Zamora’s name was mentioned in the news when it was alleged that he was willing to “donate” P50 million of his own money to entice Virgilio “Garci” Garciliano into testifying on the election cheating in the 2004 elections.

[shadow]

spin doctors are now spitting their own versions of the story in favor of their clients.

the connection of this and that businessman is irrelevant, players in politics and businesses always intersect with each other. it's a small world everybody is connected to somebody. sinong aaminin na meron silang kalokohan ginawa?

[Ry_Tower]

^ true, hugas kamay na yan unless meron biglang tubuan ng matinong budhi.

[uls]

spin doctors are now spitting their own versions of the story in favor of their clients.

the connection of this and that businessman is irrelevant, players in politics and businesses always intersect with each other. it's a small world everybody is connected to somebody. sinong aaminin na meron silang kalokohan ginawa?

ya kaya tinawag na ruling class

the wealthy and their friends in high places

wealthy people finance election campaigns of politicians

when in power the politicians give their financiers access to big money-making opportunities

that's the way things work

--

and if people think it's different in the case of PNoy...

well, it's not

[shadow]

^that's right. lahat yan connected to each other. ganun lang naman ang laro eh...politicians are just pawns to these businessmen, kung sino mapapakinabangang nila doon sila susugal. simple as that.

walang permanent na i-back up ang isang businessman na politicain kung sino naka pwesto doon siya. they are not stupid to still support the old administration. they will not put their businesses in jeopardy. sipsip sila ngayon sa nakaupo. gamitna lang yan.

I'm sure most if not all businessmen who once was ana avid supporters of FG and GMA. are now backing up Pnoy.

p

[badsekktor]

^that's right. lahat yan connected to each other. ganun lang naman ang laro eh...politicians are just pawns to these businessmen, kung sino mapapakinabangang nila doon sila susugal. simple as that.

walang permanent na i-back up ang isang businessman na politicain kung sino naka pwesto doon siya. they are not stupid to still support the old administration. they will not put their businesses in jeopardy. sipsip sila ngayon sa nakaupo. gamitna lang yan.

I'm sure most if not all businessmen who once was ana avid supporters of FG and GMA. are now backing up Pnoy.

p

I agree.....

ilan na lang yata kilala ko pure politician.... mostly businessman-politician na ang napapansin ko na trend......

[shadow]

I agree.....

ilan na lang yata kilala ko pure politician.... mostly businessman-politician na ang napapansin ko na trend......

and that pure politician eh businessmen din ang financiers. hehehe while yun businessman-politician eh the reason they entered politics is to protect their businesses.

[badsekktor]

and that pure politician eh businessmen din ang financiers. hehehe while yun businessman-politician eh the reason they entered politics is to protect their businesses.

Ang nakakatakot eh yun nakatsamba na walang pera....... grabe kung mangurakot!

In my experience, businessman-politicians are better compared to pure politicians..... bukod kasi sa favors eh gutom din ang mga yan dahil pamumulitika na ikinabubuhay... kaya parang si FG kung imisip ng pagkakakitaan sa gobyerno.....

[Quint]

I wonder if he really took his life. When I saw the "letter" in Inquirer, one thing really bothered me---his signature. I find it odd that he signed his name in parenthesis. You don't do that if the letter is personal, don't you? Under duress, maybe?

[Ry_Tower]

I wonder if he really took his life. When I saw the "letter" in Inquirer, one thing really bothered me---his signature. I find it odd that he signed his name in parenthesis. You don't do that if the letter is personal, don't you? Under duress, maybe?

Dinala na niya sa libingan sagot dyan....

pero nice point there sir.

[creepy]

Ongpin and Rey David's investment in the Inquirer reporters is really paying off... Attack dogs for them!!

[uls]

Ongpin and Rey David's investment in the Inquirer reporters is really paying off... Attack dogs for them!!

they're getting their money's worth hehe

[Monseratto]

More paid advertisment from the Ongpin camp...

by Roderick T. dela Cruz

FORMER Trade Minister Roberto Ongpin on Thursday challenged Development Bank of the Philippines to produce a letter that it said came from the central bank ordering it to investigate the so-called behest loans that the bank extended to Ongpin’s Delta Ventures in 2009.

“It is obvious that DBP’s lawyers are masters of prevarication and obfuscation and in order to settle this matter once and for all, I challenge DBP’s lawyers to forthwith sit down with my lawyers and produce actual documents,” Ongpin said in a statement.

“On DBP’s side, they should produce documents with regard to the internal audit findings, the show-cause letters and the [Bangko Sentral] letter.”

The bank on Wednesday stood firm that the loans extended by its past board to Ongpin’s Delta Ventures deprived the state-owned bank of P412 million.

The bank’s counsel and spokesman, Zenaida Ongkiko-Acorda, denied Ongpin’s accusation that the bank’s investigation of the transaction was a witch-hunt.

“The investigation was made pursuant to the April 11 letter of the Bangko Sentral to DBP regarding … the P150 million and P550 million loans extended by DBP to Roberto Ongpin’s company,” Acorda told reporters.

The central bank on Thursday refused to comment on the matter, repeating its policy of not commenting on individual bank cases.

Ongpin on Thursday said it was noteworthy that the DBP’s reaction to his charges against it was not delivered by any incumbent DBP officer.

“In other words, Messrs. [Jose A.] Nuñez [DBP board chairman] and [Francisco F.] del Rosario [vice chairman, president and chief executive] … had no guts to attend the ‘DBP Press Conference’ and present the side of the very institution that they are supposedly leading,” he said.

He said Acorda was unauthorized to speak on behalf of the bank because she was neither an officer nor an employee, and that the bank needed authorization to engage an external counsel to speak on its behalf.

The DBP’s investigation of what it claims to have been behest loans to Ongpin has already resulted in the suicide of Benjamin Pinpin, the bank’s assistant chief legal counsel who was said to have been pressured to make false statements against Ongpin to pin him down.

The bank’s board accuses the past board of illegally providing P660 million in loans to Ongpin’s company in 2009, saying his company was not qualified for those because its paid-up capital was only P625,000 and it had lost P98 million.

Ongpin says the bank made P4 million in interest earnings from those loans and more than P1 billion in capital gains. The transaction had been above-board.

He said Delta Ventures was incorporated in 1977, and that its paid-up capital was “of absolutely no significance.”

“What is important is that based on [the company’s] audited financial statements for 2008, the stockholders’ equity of [the company] was already P114 million. The recorded losses of [the company] were actually unrealized losses and were attributable to the fact that [the company] is a holding company with a significant stake in marketable securities,” Ongpin said.

[uls]

behest loan or not behest loan

ganito lang yun eh --

if a businessman with NO connections (and whose company has very little assets) went to DBP and asked for a 600 million peso loan, ma-a-approve ba siya?

baka di pa nga maka-loan ng 6 million

that loan to Ongpin has HIGH LEVEL CONNECTIONS written all over it

[nic]

Heard from a cong. friend of mine, pati pala Alphaland sa EDSA kay FG na. Diba group din ni Ongpin gumawa/manage nun?

[marg]

In the end, Ongpin will get away with it. Just like after the EDSA revolution.

Because in the Pilipins, MONEY and CONNECTIONS count.

[vinj]

behest loan or not behest loan

ganito lang yun eh --

if a businessman with NO connections (and whose company has very little assets) went to DBP and asked for a 600 million peso loan, ma-a-approve ba siya?

baka di pa nga maka-loan ng 6 million

I used to handle corporate accounts for one of the larger banks until recently... that's a resounding NO in all accounts. Any thinking Credit Committee, Executive Committee, and Board of Directors would have hanged any officer who would propose such a loan, per my experience. The only way that could have gone through is because of CONNECTIONS.

*Nic, the FG connection to Alphaland is the word in a lot of circles. Ongpin is a front/partner. That's why i cant help but think FG when it comes to deals connecting that person. Ongpin also bought PBCom but so far i havent heard anything about that.