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  1. Join Date
    Sep 2003
    Posts
    25,038
    #21
    His morality got the better of him.

    MANILA, Philippines - Several hours after Development Bank of the Philippines (DBP) lawyer Benjamin Pinpin was found dead last Tuesday, his wife Amy found a letter from her husband.

    In it, Pinpin revealed how upset he was about being investigated for a P510-million loan granted to a businessman during the past DBP administration. He said he did not want his family to be affected by the controversy.

    “I come to the end. I don't want my family to bear this problem.”

    He also expressed fear that he would be charged for graft.

    "Being indicted for graft is the worst thing for me. All I wanted was to have a clean, simple life.....that's an example I want to leave to my children.”

    Pinpin worked in the documentation division of the DBP. That’s why his wife does not believe he could influence any loan granted by the bank.

    “I thought I was helping my family by saving my job...but in the end, I lost my dignity and credibility, and I will lose them, too,” Pinpin wrote.

    His letter also indicated that he was being forced to do something that he did not want to do. He said because of this, he lost his dignity and his loved ones.

    He apologized to his family and told them to move on.

    "...sorry for my family for giving you so much pain, but this will pass and you must move on. I love you very much. Please pray for me. – Benjie.”

    DBP chief: Exclude Pinpin

    Meanwhile, DBP President Francisco del Rosario said he had voiced his opposition to the board's investigation of Pinpin.

    He said 20 employees were given show cause memos in connection to the questionable loan.

    “I was for a limited show cause to 5 or 6, because it will create climate of fear,” del Rosario said.

    He added he does not believe Pinpin had anything to do with the case.

    "I don't believe that Pinpin should have been included in the investigation,” he said.

    Other DBP employees are affected by Pinpin's death. They're also concerned that the reputation of the institution they work for has been tarnished.

    Controversial loan

    Del Rosario Jr. also told reporters that Pinpin was agonizing about a loan that DBP extended to Delta Venture Resources Inc. (DVRI), a company led by businessman Roberto Ongpin.

    In a special report last May, abs-cbnNEWS.com published "DBP-Ongpin-Philex controversial deals detailed," which discussed a controversial loan extended by DBP to DVRI amounting to P510 million.

    DVRI used the loan proceeds to purchase the bank's shares in Philex Mining, a listed company that the group of businessman Manuel V. Pangilinan wanted to control.

    The loan and the stock transactions occurred in late-2009.

    DBP was then led by its president, veteran banker Reynaldo David.

    David had said all the transactions followed banking rules and passed through necessary credit checks. He also said the bank earned hefty sums from trading the Philex Mining shares, resulting in record profits for the bank that year.

    In a letter to ABS-CBN News, Ongpin also stressed that the transactions were above-board.

    The current DBP board initiated an internal audit of these loan-and-stock deals early this year. Several officers of the bank have been identified as having been involved in the processing of the loan and stock transactions.

    Pinpin was one of them

  2. Join Date
    Jul 2011
    Posts
    584
    #22
    ok nga kwento nito sir from ted failon this morning:
    Delta Ventures open its own company with less than a million peso, loan half a billion peso granted one day only...
    bought the Philex mining shares (which the shares that owned by DBP) around P12 (if im not mistaken)
    then, after more than a month or two the said shares of philex sell more than P20.

    kumita and delta ventures ng walang hirap, nakautang ng kalahating bilyon sa isang araw nabayarad din agad hehehe

    kung and DBP ang nagbenta nito at di agad ipinagbili sa Delta Ventures.... mas malaki sana kinita ng DBP

  3. Join Date
    Oct 2002
    Posts
    17,340
    #23
    If that loan was indeed used to fund the purchase of shares of stock then that already is quite suspect in my own opinion.

    Why would a bank extend a loan to purchase something that is considered quite volatile such as stock market shares? I don't think stakeholders and depositors of the bank would be at ease if management were using their money for such purposes. What was the collateral? The same shares of stock in question? how did they value it? It cannot be a scenario of having your cake and eating it too.

    Besides, its quite known to many that the group of Ongpin have been fronts for the X-FG.

  4. Join Date
    Nov 2005
    Posts
    45,927
    #24
    i didnt read thru the details

    i understand that the shares were owned by DBP

    and Ongpin borrowed money from DBP to buy the shares from DBP

    then sold the shares and made a big profit

    question -- why the hell didnt DBP just sell the shares by itself and made the profit

    why did DBP have to lend money to someone to buy the shares?

    as if naman DBP can't sell the shares if it didnt provide financing to the buyer

    as if naman there's a shortage of buyers of Philex shares

    obviously the whole thing was set up to allow some people make a lot of money at the expense of DBP

  5. Join Date
    May 2004
    Posts
    3,221
    #25
    siguro dahil di alam ng DBP na tataas ang share ng philex.
    tapos yung mga tao na nagloan sa DBP maybe resposible sa pagtaas ng share ng Philex.
    so di tataas yung share kung hindi yung mga "borrowers" ang bibile.:D

  6. Join Date
    Nov 2005
    Posts
    45,927
    #26
    dude: Pare, DBP owns X number of Philex shares pala no?

    friend: ya that's right. DBP owns X number of Philex shares. at today's price they're worth X amount

    dude: tataas pa yan

    friend: yeah

    dude: i'd buy those shares from DBP

    friend: yeah

    dude: is DBP selling?

    friend: if the price is right i guess

    dude: i'd buy those shares from DBP, sell them when the price goes higher, share some of the profits with you

    friend: ganun? kilala kita pare... what do i have to do?

    dude: i have a small problem. i don't have the money to buy those shares...

    friend: ookaaay...

    dude: if you could arrange a loan...

    friend: sabi na nga ba eh... i'll see what i can do

  7. Join Date
    Sep 2003
    Posts
    25,038
    #27
    Nung panahon ni erap, yung sale ng PLDT to MVP was highly suspcious. Now guess who bought the Philex shares from Ongpin's group...

  8. Join Date
    Sep 2003
    Posts
    25,038
    #28
    I think nagaagawan ng control between SMC and MVP group that drove the price of Philex shares that time...wondering if he bought philex shares from the market or arranged sale.

  9. Join Date
    Sep 2007
    Posts
    1,778
    #29
    Quote Originally Posted by niwde11 View Post
    siguro dahil di alam ng DBP na tataas ang share ng philex.
    tapos yung mga tao na nagloan sa DBP maybe resposible sa pagtaas ng share ng Philex.
    so di tataas yung share kung hindi yung mga "borrowers" ang bibile.:D
    Nangangamoy insider trading.
    Wala bang batas sa Pilipinas laban dito?

  10. Join Date
    Nov 2005
    Posts
    45,927
    #30
    Quote Originally Posted by niwde11 View Post
    siguro dahil di alam ng DBP na tataas ang share ng philex.
    tapos yung mga tao na nagloan sa DBP maybe resposible sa pagtaas ng share ng Philex.
    so di tataas yung share kung hindi yung mga "borrowers" ang bibile.:D
    there are other market participants who have the financial capacity to buy DBP's Philex shares

    why didnt DBP sell the shares to buyers who had ready cash?

    baket binenta pa sa isang buyer na walang pambili?

    why did the decisionmakers in DBP decide to sell the shares to that particular buyer?

    very obvious naman the buyer was given highly preferential treatment

    walang na nga pambili, pinautang pa ng pambili

    if i was on the DBP side, to give that kind of preferential treatment to someone, malaki dapat kapalit nyan

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DBP Lawyer Commits Suicide