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„Gov‟t has strong case vs Ongpin, ex-DBP officials‟

abs-cbnNEWS.com Posted at 08/21/2011 7:49 PM | Updated as of 08/21/2011 7:49 PM

MANILA, Philippines - Solicitor General Jose Anselmo Cadiz believes the government has a strong case against businessman Roberto Ongpin and former members of the Development Bank of the Philippines involved in the allegedly irregular loan transaction worth P660 million. Cadiz told reporters over the weekend, “based on available documents, we have a strong case to hold them liable for violation of banking laws and the Anti-graft and Corrupt Practices Act.”

Cadiz is the lead counsel in the DBP case filed before the Office of the Ombudsman. He will work closely with lawyers Zenaida Ongkiko-Acorda and Jose Manuel Diokno. He said the loans granted to Ongpin could be called “character loans.” He also said the borrower should “not have qualified by any stretch of imagination.”

"We cannot allow that, otherwise rules will be violated on a mere promise that a loan will be paid. They should not have given loans based on speculation. The amount involved is really shocking. We are talking of more than half a billion pesos here," he stressed.

The criminal complaint versus Ongpin et al was filed on August 5 before the Office of the Ombudsman. Ongpin‟s Delta Ventures Resources Inc. (DVRI) took out two loans totaling P660 million from DBP in 2009.

Ongpin later bought 50 million shares of Philex Mining Co. from DBP for P637.5 million or P12.75 per share. Less than a month later, he sold them for P21 a share to Philex Chairman Manuel Pangilinan.

The current DBP board claimed the bank could have made P42.4 million more if it had sold the stake directly instead of to Ongpin. “The finding of the DBP that DVRI obtained behest loans has basis in fact and law: DVRI was under-collateralized and undercapitalized; Ongpin [is known to be close] to the Arroyo administration; and DBP approved the loan in an extraordinary speed,” Cadiz said.

He also noted the private firm did not comply with basic borrowing requirements mandated by banking laws and DBP‟s Rules.

“In fact. He said the government is set to submit its proposal to bring peace in Mindanao. Witch hunt Ongpin earlier said the investigation was a witch hunt. Philippines . “Contrary to claims of critics. "If we do not do anything for fear that we will be accused of persecution then we will have no functioning justice system." Cadiz stressed. He had said he would be filing counter-suits against the current leaders of the DBP.” Ongpin had said. .The government (GPH) maintains there is no “done deal” yet on the peace pact with the Moro Islamic Liberation Front (MILF). It cannot be called a witch-hunt because clearly something wrong has been done and we are merely correcting it since documents show that the DBP and Ongpin violated the law. PH: No „done deal‟ yet on peace pact with MILF abs-cbnNEWS.‟” GPH Peace Panel Chair Marvic Leonen said.com Posted at 08/21/2011 8:44 PM | Updated as of 08/21/2011 8:44 PM …Leonen says rogue rebel a cause of concern MANILA. We have learned from the lessons of the past and we will not repeat the same mistakes. "These are diversionary tactics which do not confront the issue frontally. “Why [DBP Chairman Jose Nuñez Jr. it is surprising that the DBP‟s Board even waived the evaluation of Delta Ventures‟ financial capacity to repay the loan. The Solicitor General said the investigations are within the zero-tolerance policy of Malacanang. Malaysia starting Monday. I would like to emphasize that there is no „done deal.] keeps trying to make these loans appear to be „irregular‟ and „behest‟ is simply beyond my comprehension. The 2 sides will meet anew for the 3-day negotiations in Kuala Lumpur. the GPH panel is not going to Malaysia to sign a peace agreement." he added.” he said. which is a basic precondition to the approval of loans.

to consult with the stakeholders so we can forge a peace agreement. especially those in the strife-torn Mindanao. We will be seeking clarification on the status of Kato and the BIFF from our counterparts in the MILF. Philippines . Stakeholders. as nothing yet is final. Presidential Adviser on Peace Process Teresita Deles said the government will press the MILF to go after the rogue rebel. Yap added that he will not hide his future relationships from the public. siyempre. This in turn. "Focus muna ako sa career ko. which they deem was a step closer to lasting peace in Mindanao.Following his failed marriage to Queen of All Media Kris Aquino. Meanwhile. Yap said he wants to focus more on his basketball career.com Posted at 08/21/2011 8:16 PM | Updated as of 08/21/2011 8:16 PM MANILA. President Benigno Aquino III recently met with MILF Chairman Al Haj Murad Ebrahim. will be reviewed by the MILF. guided solely by national interest and based on our consultations with the different stakeholders in the Mindanao peace process.” he said. “The next step is for both panels. Leonen stressed that the government is “seriously” concerned with the developments regarding Ustadz Ameril Umbra Kato. who created a guerilla unit separate from the MILF. in the spirit of transparency and inclusivity. In a taped interview aired on "The Buzz" on Sunday. . And 'yun lang muna. are closely monitoring the peace process.” he said. “The GPH Peace Panel is viewing with serious concern the developments regarding Umbra Kato and the Bangsamoro Islamic Freedom Fighters (BIFF)." he said.“This proposal is the position of the government. star cager James Yap said she is not yet ready to enter into a new relationship.” Leonen added. James Yap not yet ready to love again abs-cbnNEWS.

" he said."Kaya nga pag sinasabi ko lagi na. his estranged wife . may girlfriend. sasabihin ko para wala nang chismis-chismis pa. Asked who makes him happy at the moment. the basketball star said. model-actress Isabel Oli and Korean TV personality Grace Lee. Yap has been romantically linked to Japanese-American acoustic singer Marie Digby. "Anak ko." Baby James is Yap's son with Aquino. si Baby James. let's say nililigawan o ano.

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