SC OKs BSP, Orient Bank compromise deal

ABS-CBN News

Posted at Jul 10 2011 05:42 PM | Updated as of Jul 12 2011 12:01 AM

MANILA, Philippines - The Supreme Court has ordered the Manila Regional Trial Court to finally implement the compromise deal that the Bangko Sentral ng Pilipinas (BSP) and Orient Commercial Banking Corp. forged during the processing of the latter’s receivership.

In an 8-page ruling penned by Associate Justice Martin Villarama Jr., the first division of the appellate court said the deal rendered moot and academic several petitions filed for the seizing of the assets of the bank.

“With the final settlement of the claims of petitioner against herein respondents, the issues raised in the present petition regarding the propriety of the issuance of writ of attachment by the trial court and the grave abuse of discretion allegedly committed by the appellate court in reversing the orders of the trial court, have now become moot and academic,” the high court said.

The deal allows for the dismissal of 19 civil cases pending before several courts. In turn, Orient Bank will pay BSP its total obligations worth P2.97 billion.