Ombudsman to file graft raps vs Ongpin, et al

by Ira Pedrasa,

Posted at Sep 27 2012 05:28 PM | Updated as of Sep 28 2012 05:37 PM

David cries harassment

MANILA, Philippines (2nd UPDATE) - Ombudsman Conchita Carpio Morales has ordered the filing of graft charges against businessman Roberto Ongpin and several former officials of the Developmant Bank of the Philippines (DBP) in connection with the allegedly irregular loan transaction worth P660 million. tried to contact Ongpin's lawyer, but he could not be reached.

Former DBP president Reynaldo David cried harassment with the recent decision of the Ombudsman. 

"We will follow the process. Again, we are innocent of these charges, and feel that its a case of harassment. We are ready to reply and give our side on this in the proper forum," David told ABS-CBN News.

Ongpin, in a statement to ANC, said he is currently in Europe and has yet to read the Ombudsman's decision.

"All I can say now is it is incomprehensible how a transaction in which the DBP earned some Php1.4 billion, when the loans to my companies were fully secured and in fact paid ahead of schedule, can ever be adjudged by anyone as being unfavorable or having caused injury to the government," he said.

"I have instructed my lawyers to oppose this judgment vigorously," he added.

In a resolution signed September 25, Morales said there is probable cause to file charges against Ongpin and other officers of Delta Ventures Resources Inc., including President Josephine Manalo and Goldenmedia Corp. Treasurer Ma. Lourdes Torres.

To be included in the charge sheets are: 

DBP’s ex-officers Patricia Sto. Tomas, former Chairman; 

Reynaldo David, former President & Vice-Chairman; 

former Directors Alexander Magno, Floro Oliveros, Miguel Romero, Franklin Velarde, Renato Velasco and Joseph Donato Pangilinan; 

Edgardo Garcia, former Senior Executive Vice President (SEVP) & Chief Operating Officer; 

Armando Samia, former SEVP & Head of Marketing Sector; 

Rolando Geronimo, former SEVP; 

Perla Soleta, former Senior Assistant Vice President (SAVP); 

Jesus Guevarra II, former SEVP & Marketing Head of the Brach Banking Sector (BBS); 

Crescencia Bundoc, former VP & Head of Regional Marketing Center-Metro Manila (RMC-MM); 

Arturo Baliton, BBS Manager for RMC-Western Luzon; 

Nelson Macatlang, RMC-WL Chief Accounts Management specialist; 

And Marissa Cayetano, RMC-MM Assistant Manager.

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 selling it to Ongpin. - with Liza Reyes, ABS-CBN News; and Coco Alcuaz, ANC