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Ex-Urban Bank execs took P73M in ‘kickbacks’—whistle-blower By Benjamin B. Pulta 04/30/2012

Monday, April 30, 2012

Ex-Urban Bank execs took P73M in ‘kickbacks’—whistle-blower

By Benjamin B. Pulta 04/30/2012

A Cebu-based businessman said “kickbacks” amounting to some P73 million from a purchase of land 18 years ago were pocketed by former officials of the defunct Urban Bank, predecessor of the insolvent Export and Industry Bank that was recently placed under receivership by the government.

Urban Bank and Urbancorp Investments closed in 2001 and eventually merged with Export and Industry Bank (Exportbank) later that year.

Last Thursday, the Bangko Sentral ng Pilipinas (BSP) placed it under receivership following bank officials’ claims that they could no longer shoulder withdrawals and service maturing deposits.

Enrique Montilla, former president of Isabela Sugar Co. Inc. (ISCI), said he took part in an illegal scheme hatched by Urban Bank officials in the sale of a 8,628-square meter property in Pasay City that was owned by the sugar company..... MORE

SourceThe Daily Tribune

URL: http://www.tribuneonline.org/headlines/20120430hea6.html

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