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De Castro, ex-subordinates not yet off the hook — solon By Angie M. Rosales 08/29/2011

Monday, August 29, 2011

FOR APPROVING GLOBE ASIATIQUE LOANS

De Castro, ex-subordinates not yet off the hook — solon

By Angie M. Rosales 08/29/2011

Former Vice President Noli de Castro and members of the board of Home Development Mutual Fund (HDMF), also known as the Pag-IBIG Fund, during his term are not yet off the hook regarding a P12-billion housing loan scam and could also be charged over the multibillion-peso anomaly as they were the ones who approved the loans that defrauded the government.

Sen. Sergio Osmena III said the possibility of the former Vice President and Pag-IBIG officials being indicted along with Globe Asiatique Realty and Holdings Corp. executives is not remote considering the role they played in approving the release of the loans made by alleged fictitious borrowers.

Last Wednesday, the Department of Justice (DoJ) recommended the filing of syndicated estafa charges against officials of Globe Asiatique led by Delfin Lee, its president and chief operating officer, and four others in connection with loans granted to it by HDMF through “special buyers” and “ghost borrowers.”.... MORE

SourceThe Daily Tribune

URL: http://www.tribuneonline.org/headlines/20110829hed1.html

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