House to probe HGC over anomalous deals
By Gerry Baldo 10/18/2010Another government housing agency, the Home Guaranty Corp., is under fire after the House committee on housing and urban development indicated plans yesterday to launch a full-blown investigation into alleged anomalous transactions entered into by the agency that resulted in millions of pesos losses to the government.
According to Rep. Bernadette Herrera of the party-list Bagong Henerasyon, the alleged “transactions entered into by the Home Guaranty Corp. has put the national government in a highly disadvantageous position.”
Citing reports by the Commission on Audit, the lawmaker stressed that the agency, aside from allegations that it has been mismanaged, has figured in several anomalies since 2002, particularly on the sale of its properties.
“The CoA alleged that the losses were due largely to mismanagement by HGC officials — mainly sale of corporate properties way below market prices,” Herrera said..... MORE
Source: The Daily Tribune
URL: http://www.tribuneonline.org/headlines/20101018hed3.html
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