No behest loan nor Arroyo hand in DBP deal — Ongpin
By Angie M. Rosales 11/15/2011Controversial businessman Roberto Ongpin appeared before the Senate yesterday to clear former First Gentleman Jose Miguel “Mike” Arroyo from involvement in his securing an alleged P660-million behest loan from the Development Bank of the Philippines (DBP) to acquire 50 million shares of Philex Mining Corp. (Philex) in 2009.
The former trade minister told Senate probers that the accusations against him were baseless, adding that no powerful government official or individual intervened in the transactions he made with the DBP through his company Delta Ventures Resources Inc. (DVRI), hinting that he is being conveniently being used to go after another person “and I was in a manner of speaking, only a convenient target.”
Alongside this development however, Senate probers said former DBP officials led by former DBP president Reynaldo David could be facing plunder charges, on top of the possible graft case arising from the alleged questionable loans to Ongpin..... MORE
Source: The Daily Tribune
URL: http://www.tribuneonline.org/headlines/20111115hed2.html
1 comment
in other words, madaling mag.deposito, mahirap mangutang sa mga bangko. hindi yata patas? ganoon talaga ang laro ng "business".
"Ongpin volunteered his knowledge of how banks operate. “They source cheap funding from deposits and lend to credit-worthy borrowers in order to make a spread and therefore a profit. I am sorry to have to say this but the truth is in my entire investment banking career, neither I nor my clients, have ever defaulted on any loan here or abroad and that is the simple fact,” he said."
Post a Comment