Acorda dares Ongpin to dispute raps over P660-M behest loan
By Benjamin B. Pulta 08/24/2011Development Bank of the Philippines (DBP) spokesman Zenaida Ongkiko-Acorda yesterday dared former Marcos Trade Minister Roberto Ongpin to confront the unresolved mysteries surrounding the alleged P660-million behest loans he obtained from the state-owned bank, the second biggest in the country.
Speaking with newsmen, Acorda cited, for instance, that bank officers clearly took shortcuts and acted with undue haste in approving loans to Delta Ventures Resources Inc. (DVRI), a firm controlled by Ongpin, including waiving the opportunity to check whether the latter’s firm was in a financial position to repay the loans it obtained.
Acorda said DBP officials broke banking laws and the DBP’s own internal rules in granting the loans to Ongpin’s firm. The latter’s camp claims the commercial transactions are allowed under the DBP’s universal bank license..... MORE
Source: The Daily Tribune
URL: http://www.tribuneonline.org/nation/20110824nat1.html
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