The Court of Appeals has lifted the five month-long freeze order on the bank accounts of businessman Roberto Ongpin and several of his co-accused in the allegedly behest loans extended to him by the Development Bank of the Philippines.
In the end, it’s still former First Gentleman Jose Miguel Arroyo. Senator Sergio Osmeña III on Wednesday wrapped up the first part of the committee on banks’ investigation into the alleged P660-million “behest” loan granted by the Development Bank of the Philippines (DBP) to businessman Roberto “Bobby” Ongpin, a friend of Arroyo.
From behest loans to insider trading to short-swing profits. That is how far the Senate has expanded its investigation into businessman Roberto Ongpin who reportedly obtained a P660-million loan from the Development Bank of the Philippines (DBP) and used the money to buy the state bank’s Philex Mining Corp. (Philex) shares.
Benjamin Pinpin—the mid-level lawyer at the Development Bank of the Philippines who committed suicide last August—was driven to depression after he received successive letters from the bank’s board of directors threatening imminent legal action for his role in a purportedly anomalous loan to businessman Roberto Ongpin.
Businessman Roberto V. Ongpin has vowed to bring in more foreign investments into the country despite an apparent crackdown on his loan contract with the state-owned Development Bank of the Philippines.
MANILA, Philippines—Government lawyers have asked the Office of Ombudsman to preventively suspend top officials of the Development Bank of the Philippines who are facing criminal complaints in connection with the alleged behest loans extended to businessman and former trade minister Roberto Ongpin. The Office of the Solicitor General, representing the DBP, filed the motion seeking [...]
