Ongpin: Amla prone to abuse

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Businessman Roberto Ongpin has urged lawmakers to consider amending the current law against money laundering, saying that the law, in its current form, can easily be abused for political ends.

In a letter to Sen. Joker Arroyo, the former Marcos trade minister said that the freeze order issued by the Anti-Money Laundering Council on his local bank accounts had resulted in “reputational damage,” despite the fact that he has been neither charged nor convicted of any crime.

According to Ongpin, the Anti-Money Laundering Act needs to be amended so “that it cannot be misused or abused, as in my case, because of political vendetta.”

The businessman, who chairs Internet gaming firm PhilWeb Corp. and real estate developer Alphaland Corp., among others, also said that his publicly listed companies had lost “several billions” worth of market capitalization as investors, worried by the reports of the freeze order on his funds, sold down his stocks.

“As you are aware, the freezing of one’s bank accounts is, in most jurisdictions around the world, a most serious matter and clearly infers that the person whose accounts have been frozen has committed or has been convicted of a most serious criminal act,” he said.

Ongpin stressed, however, that his P510 million in loans from the Development Bank of the Philippines were nowhere near the definition of “behest” as alleged by his critics, especially since these had been fully repaid ahead of time, and helped the state-owned book substantial earnings in the process.

Critics of the deal alleged that Ongpin, known to be close to former First Gentleman Jose Miguel Arroyo, obtained the loan from DBP in record time, without the requisite lending safeguards in place—an accusation he has denied.

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  • http://profile.yahoo.com/SYG36KOOLRY47VA3ICPJJ5CQTQ ADD

    You used your political connections to get a loan from DBP, now suffer the political vendetta, tit for tat. This wouldn’t had happened if you just do it the legal and moral way.

  • http://profile.yahoo.com/FFSZ7TIZZG47FYQFAZFIGYXKPM Pers

    amla where were you when the amman future trading operate in pagadian?

  • El_Gran_Capitan

    AMLA is a tools for illegal wealth, contrary to your opinion, wealth acquire from fair and square deal need not worry about it, your wealth maybe coming from illegal means, that is why you’re so adamant against it and you will move heaven and earth to restrict its implementation, even possibly bribing some columnist to raise hell against it like the one column/opinion suggested by one of Inquirer weekly columnist 

  • http://profile.yahoo.com/ZVS4MKYAHNFS6TCFBFGRZNIIGQ Nueva

    bakit parang walang maniwala sa ongping lol ako din dont believe you lol

  • hustlergalore

    ongpin, we should re-install gloring by hook or by crook. if she is incapable, andyan naman si fg. LOL

  • rjimenez1226

    This is what criminals do to justify their actions.  The government is  on the right track to prosecute!.

  • http://profile.yahoo.com/ZWFLSTSBRRAVDDPF7NZ5OT6AEA Jim

    Oh come on, Bobby! Nobody could have gone to the DBP and gotten a loan that huge and that fast without Mike Arroyo’s influence. Everybody knows that Mike Arroyo carried his weight around, literally and figuratively! You can’t spill the beans on fat guy Mike? Honor among thieves, eh?

    • Bayang_magiliw

      The mafia head FG (fat gremlin) Mike Arroyo has his head on a plate and he is very scared. He should have thought about this befor selling his soul to the devil.

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