Businessman Roberto Ongpin INQUIRER FILE PHOTO
MANILA, Philippines—The Sandiganbayan Third division on Wednesday dismissed the graft complaint filed against businessman Roberto Ongpin and officers and executives of the Development Bank of the Philippines.
The complaint stemmed from the alleged P600 million behest loan granted to his firm Deltaventures Resources Inc. (DVRI).
In its 77-page ruling made public Wednesday, the anti-graft court granted the motion to quash the information filed last year by Ongpin, former DBP chair Patricia Sto. Tomas and 17 other co-accused.
Ongpin’s DVRI allegedly used the loan to acquire Philex Mining Corp. shares owned by DBP and then sold these to businessman Manuel V. Pangilinan months later, allowing the latter to gain control of the country’s biggest gold producer.
In their motion, the accused said there was lack of probable cause to indict them, as they were just collateral damage in what they described as “politically spiced legal intricacies.”
They also pointed to the absence of a violation of banking laws and rules of the Bangko Sentral ng Pilipinas.
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