Biz Buzz: Banks versus casinos
TUESDAY’S Senate hearing on the money laundering scandal that has rocked the Philippine financial system promises to be a cable TV blockbuster, with people in the banking and casino industries expected to follow the live telecast closely.
Viewership will be aided by the star-studded cast of resource persons invited by the Senate’s Blue Ribbon committee.
These include the main protagonists (or antagonists, depending on which side you’re talking to) such as Rizal Commercial Banking Corp. president and CEO Lorenzo Tan and the Yuchengco-controlled bank’s star branch manager-turned-controversy lightning rod Maia Santos-Deguito who are expected to face off in a “he-said, she-said” exchange.
Other key resource people are Bangko Sentral ng Pilipinas Governor and Anti-Money Laundering Council (AMLC) Chair Amando Tetangco Jr., along with AMLC members Teresita Herbosa (the Securities and Exchange Commission chair) and Emmanuel Dooc (the Insurance Commission boss) and AMLC executive director Julia Bacay-Abad.
Also invited is Philippine Amusements and Gaming Corp. chair and CEO Cristino Naguiat Jr. along with the top officials of gaming firms Solaire Resort and Casino, Midas Hotel and Casino, and City of Dreams.
The president of money changer Philrem Service Corp., Salud Bautista, is also invited, along with the presidents of Banco de Oro Universal Bank, East West Banking Corp. and Philippine National Bank.
Also summoned were RCBC bank account holders Michael Cruz, Jessie Lagrosas, Alfred Vergara, Enrico Vasquez and William Go.
The big question on everyone’s mind at this point is whether one of the key people in the controversy who has so far remained incommunicado—junket operator Kim Wong—will respond to the Senate’s invitation and make an appearance.
As it is, there is growing tension between the banking and casino industries as to which should take the blame in the aftermath of the partially successful laundering try.
We’re told that, during a meeting with President Aquino in Malacañang last week, AMLC officials were pointing to the casinos as the source of the problem, the industry supposedly being a magnet for dirty money because it is not covered by the Anti-Money Laundering Act.
The casino industry, on the other hand, is pointing at the supposed failure of several layers of anti-money laundering controls of banks as the reason why the dirty money entered the Philippines in the first place.
Which industry will prevail? Abangan. Daxim L. Lucas
New blood at Manila Golf
IF THE results of last weekend’s elections for a new board of directors are any indication, times are a-changing at the country’s most exclusive and most expensive golf club.
And all these changes, we’re told, have something to do with the severe stroke suffered a few months ago by longtime Manila Golf and Country Club powerbroker Macario Te that left him bedridden.
During Te’s reign, the direction of Manila Golf was more set in stone with his bloc dominating every elections, thanks to the Chinese-Filipino businessman’s influence. But that has changed as of last Saturday where five of the 11 board slots were up for grabs.
We’re told that, for the first time in a very long time, candidates actually campaigned actively via text messaging and e-mail blasts, while club members campaigned for their favorite candidates—in stark contrast with previous elections where no one was interested because everyone knew who was going to win anyway.
More importantly, competition was fierce between the so-called “morning group” of golfers who traditionally dominate the polls and a second set of members called the “afternoon group” (thus named because they usually hit the course in the afternoon after the morning guys leave).
During Saturday’s ballot, Biz Buzz learned that a record number of members voted, indicating that people were eager for change. “We had almost 300 voters during the elections,” one member said. “That’s the most number in the club’s history.”
When the smoke cleared, incumbent director George Blaylock emerged with the most number of votes with 243, followed by Leyte Rep. Martin Romuladez with 212 in second and Macario’s son Anthony garnering 169 votes. But coming in third was a surprise winner Arsenic Laurel with 178 votes and Philippine Sports Commission chair Richie Garcia with 162 votes who came in fifth.
Falling outside the Magic 5 were directors—now former directors—Jose Mari Antunez (of Smartmatic fame) with 162 votes and investment banker and former Manila Golf president Raoul Romulo with only 137 votes.
“Unthinkable,” was how one member described the failure of Antunez and Romulo to get on the board had Te (to whom both were allied) still been active in the club.
Another member said that the members of the Te bloc, sensing that the general membership was eager for change, campaigned only for themselves to boost their individual chances and dropped other less popular members of their ticket.
At least one Te group member supposedly even made an appeal to his powerful boss to exert influence on other Manila Golf members to vote for him—to little avail.
So what’s in store for the country’s most exclusive golf club where the price of admission costs at least P40 million? Exciting times ahead, clearly. Daxim L. Lucas
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