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Ombudsman Conchita Carpio Morales on Friday ordered the filing of two graft cases against 22 former officials of the Development Bank of the Philippines (DBP) led by former chairman Patricia Sto. Tomas for their alleged involvement in a P660-million behest loans anomaly in 2009.
Former trade minister Roberto Ongpin and two other officials of private firms Delta Ventures Resources Incorporated (DVRI) and Goldenmedia Corporation (GMC) were also ordered charged before the Sandiganbayan.
In a Review Resolution signed on Sept. 25, 2012, Morales identified the DBP officials who will face trial for the first graft case as Sto. Tomas; former President & Vice-Chairman Reynaldo David; former Directors Alexander Magno, Floro Oliveros, Miguel Romero, Franklin Velarde, Renato Velasco and Joseph Donato Pangilinan; former Senior Executive Vice President (SEVP) & Chief Operating Officer Edgardo Garcia; former SEVP & Head of Marketing Sector Armando Samia; former SEVP Rolando Geronimo; former Senior Assistant Vice President (SAVP) Perla Soleta; former SEVP & Marketing Head of the Brach Banking Sector (BBS) Jesus Guevarra II; former VP & Head of Regional Marketing Center-Metro Manila (RMC-MM) Crescencia Bundoc; BBS Manager for RMC-Western Luzon Arturo Baliton; RMC-WL Chief Accounts Management specialist Nelson Macatlang; and RMC-MM Assistant Manager Marissa Cayetano.
The two other private respondents in the cases that will be filed were identified as DVRI President Josephine Manalo and GMC treasurer Ma. Lourdes Torres.
For the second graft case, Ombudsman Morales identified the respondents as Sto. Tomas, David, Magno, Oliveros, Romero, Velarde, Velasco, Garcia, Samia, Geronimo, Soleta, Guevarra, Bundoc, Baliton, Ongpin, Manalo, Torres along with Ramon Durano IV, former DBP director; Benedicto Ernesto Bitonio Jr., former EVP and Head of Finance Sector; Teresita Tolentino, former AVP; Rodolfo Cerezo, RMC-MM Assistant Manager; and Warren De Guzman, RMC-MM Assistant Manager.
The two cases stemmed from the complaint filed in August 2011 by the DBP represented by its chairman, Jose Nuñez, and its president and chief executive officer, Francisco del Rosario Jr. against 28 individuals who allegedly participated in the grant of “behest” loans in the sum of P660 million under relaxed concessions used in the purchase of DBP-owned shares in Philex Mining Corporation, all orchestrated in a span of less than a year.
The review resolution points out that majority of DVRI’s shares are registered in the name of Manalo and its paid-up capital amounts to only P625,000, while most of GMC’s equity are owned by Boerstar Corporation whose shares are, in turn, held in majority by GAME Equities, Inc.
The Office of the Ombudsman’s decision added that Manalo and Torres are GMC’s President and Treasurer, but Ongpin is the chairman and shareholder of GAME, and that in November and December 2009, Ongpin and David were directors of Philex. Ongpin was a DBP director and is a known associate of David, who was then president of DBP.
The review resolution states that DBP extended two loan facilities in the amounts of P150 million and P510 million in April 2009 and November 2009, respectively, to DVRI, even though DVRI was undercapitalized; that the values of the securities did not comply with the collateral-to-loan ratio prescribed by the Central Bank and DBP’s own credit policy memoranda; that there are indications that corporate layering was resorted to; and the proceeds of the second loan were used to purchase DBP-owned mining stocks, although the private company was not licensed by the Securities and Exchange Commission as a securities dealer, and with reported indicia of insider trading.
The Office of the Ombudsman explained that DBP sold to DVRI in November 2009 50 million shares in Philex at only P12.75 per share and DVRI used the proceeds of the DBP loan to purchase from DBP the Philex shares which were subsequently registered in the name of GMC.
Records show that in just a span of one month or in December 2009, the Philex shares were sold at P21.00 per share or at almost double the value.
Morales also directed that copies of the review resolution be furnished to the Bureau of Internal Revenue, Securities and Exchange Commission, and Anti-Money Laundering Council for “their immediate action on the possible violations x x x of the National Internal Revenue Code, the Securities Regulation Code and the Anti-Money Laundering Act, as amended, that may have been committed in this case.”
Former trade minister Roberto Ongpin and two other officials of private firms Delta Ventures Resources Incorporated (DVRI) and Goldenmedia Corporation (GMC) were also ordered charged before the Sandiganbayan.
In a Review Resolution signed on Sept. 25, 2012, Morales identified the DBP officials who will face trial for the first graft case as Sto. Tomas; former President & Vice-Chairman Reynaldo David; former Directors Alexander Magno, Floro Oliveros, Miguel Romero, Franklin Velarde, Renato Velasco and Joseph Donato Pangilinan; former Senior Executive Vice President (SEVP) & Chief Operating Officer Edgardo Garcia; former SEVP & Head of Marketing Sector Armando Samia; former SEVP Rolando Geronimo; former Senior Assistant Vice President (SAVP) Perla Soleta; former SEVP & Marketing Head of the Brach Banking Sector (BBS) Jesus Guevarra II; former VP & Head of Regional Marketing Center-Metro Manila (RMC-MM) Crescencia Bundoc; BBS Manager for RMC-Western Luzon Arturo Baliton; RMC-WL Chief Accounts Management specialist Nelson Macatlang; and RMC-MM Assistant Manager Marissa Cayetano.
The two other private respondents in the cases that will be filed were identified as DVRI President Josephine Manalo and GMC treasurer Ma. Lourdes Torres.
For the second graft case, Ombudsman Morales identified the respondents as Sto. Tomas, David, Magno, Oliveros, Romero, Velarde, Velasco, Garcia, Samia, Geronimo, Soleta, Guevarra, Bundoc, Baliton, Ongpin, Manalo, Torres along with Ramon Durano IV, former DBP director; Benedicto Ernesto Bitonio Jr., former EVP and Head of Finance Sector; Teresita Tolentino, former AVP; Rodolfo Cerezo, RMC-MM Assistant Manager; and Warren De Guzman, RMC-MM Assistant Manager.
The two cases stemmed from the complaint filed in August 2011 by the DBP represented by its chairman, Jose Nuñez, and its president and chief executive officer, Francisco del Rosario Jr. against 28 individuals who allegedly participated in the grant of “behest” loans in the sum of P660 million under relaxed concessions used in the purchase of DBP-owned shares in Philex Mining Corporation, all orchestrated in a span of less than a year.
The review resolution points out that majority of DVRI’s shares are registered in the name of Manalo and its paid-up capital amounts to only P625,000, while most of GMC’s equity are owned by Boerstar Corporation whose shares are, in turn, held in majority by GAME Equities, Inc.
The Office of the Ombudsman’s decision added that Manalo and Torres are GMC’s President and Treasurer, but Ongpin is the chairman and shareholder of GAME, and that in November and December 2009, Ongpin and David were directors of Philex. Ongpin was a DBP director and is a known associate of David, who was then president of DBP.
The review resolution states that DBP extended two loan facilities in the amounts of P150 million and P510 million in April 2009 and November 2009, respectively, to DVRI, even though DVRI was undercapitalized; that the values of the securities did not comply with the collateral-to-loan ratio prescribed by the Central Bank and DBP’s own credit policy memoranda; that there are indications that corporate layering was resorted to; and the proceeds of the second loan were used to purchase DBP-owned mining stocks, although the private company was not licensed by the Securities and Exchange Commission as a securities dealer, and with reported indicia of insider trading.
The Office of the Ombudsman explained that DBP sold to DVRI in November 2009 50 million shares in Philex at only P12.75 per share and DVRI used the proceeds of the DBP loan to purchase from DBP the Philex shares which were subsequently registered in the name of GMC.
Records show that in just a span of one month or in December 2009, the Philex shares were sold at P21.00 per share or at almost double the value.
Morales also directed that copies of the review resolution be furnished to the Bureau of Internal Revenue, Securities and Exchange Commission, and Anti-Money Laundering Council for “their immediate action on the possible violations x x x of the National Internal Revenue Code, the Securities Regulation Code and the Anti-Money Laundering Act, as amended, that may have been committed in this case.”
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