Roberto Ongpin welcomes Ombudsman probe of DBP loan
The lawyer of businessman Roberto Ongpin on Monday welcomed the decision of the Office of the Ombudsman to look into the alleged behest loan of P660 million that the former board of the Development Bank of the Philippines (DBP) had extended to Ongpin’s company.
In an e-mailed statement, Alexander Poblador said the antigraft body’s move to conduct a preliminary investigation in connection with the criminal and administrative complaints filed against Ongpin and 27 other individuals provided an opportunity for his client to clear his name.
But Poblador said that Ongpin had yet to receive a copy of the complaint of graft and violation of banking laws that the current DBP board lodged against him and the others on Aug. 5.
Last week, Director Nellie Boguen-Golez of the Ombudsman’s preliminary investigation and adjudication board said there was enough basis to start a formal investigation of the accused.
“We have not yet received a copy of the order from the Office of the Ombudsman. In fact, we also have not seen the complaint filed by the (DBP)… regarding the supposed behest loan granted to Mr. Ongpin by the previous board of the state-owned lender,” Poblador said.
Preliminary investigation
“Nevertheless, we welcome the Ombudsman’s decision to proceed with the preliminary investigation as an opportunity for my client and the other respondents to refute the charges,” he said.
Aside from Ongpin, also charged were former DBP president Reynaldo David, former DBP board chair Patricia Sto. Tomas and senior executive vice president and chief operating officer Edgardo Garcia.
Also named respondents were former DBP directors Joseph Pangilinan, brother of Sen. Francisco Pangilinan; columnist Alex Magno and incumbent DBP director Franklin Velarde, son of influential TV evangelist and El Shaddai leader Bro. Mike Velarde.
Strong case
Solicitor General Jose Anselmo Cadiz had earlier said the government “has a strong case” against Ongpin, who has denied allegations that he broke banking laws and regulations in securing the multimillion-peso loan from the bank.
According to Cadiz, state lawyers were poised to “initiate actions to forfeit the income derived from the transactions in favor of the government.”
He said that Ongpin, trade minister of the late dictator Ferdinand Marcos, used the loan to buy Philex Mining Corp. stocks at P12.75 per share, which he then sold to Manuel V. Pangilinan’s Metro Pacific Group as part of a bloc at P21 per share.
In denying the allegations against him, Ongpin said the DBP actually profited with the interest from the loan which, he said, was repaid way ahead of its maturity and was fully backed by collateral.
Suicide of DBP lawyer
The controversy reportedly led to the suicide of DBP lawyer Benjamin Pinpin who was allegedly pressured into signing an affidavit that suggested irregularities in the transaction and to implicate Ongpin and past DBP officials who had approved the loan.
Ongpin’s loan application was reportedly approved by the DBP’s risk management committee, executive credit committee and board of directors in a single day.
