Osmea insists $90-M govt loan to Ongpin firm behest
By Angie M. Rosales 11/16/2011The recent denials of businessman Roberto V. Ongpin that the $90-million loan granted to one of his companies to buy Metro Rail Transit (MRT) securities in Dec. 2008 did not involve any undue influence from those in power during the previous administration defy logic and that unseen hands paved the way for the transactions to be realized, Sen. Sergio Osmea III said yesterday.
For two government banks to do the same thing at the same time and break the same laws, there is only one explanation: there was an order from the top, said Osmea referring to the loan granted by the government-owned Land Bank of the Philippines (Landbank) to offshore firm Global Air Services (GAS) despite the absence of a loan application and an alleged GAS capitalization of only $2.
It is inconceivable to think that several people in high places would rather put public interest to extreme prejudice instead of protect it, as they are expected and duty-bound to do. Conspiracy has raised the legal stakes for those involved and the ongoing Senate inquiry will plumb the dark depths of this transaction, he added..... MORE
Source: The Daily Tribune
URL: http://www.tribuneonline.org/headlines/20111116hed6.html
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