From: abs-cbnnews.com
Businessman and former Trade Minister
Roberto Ongpin has described as incomprehensible the graft charges to be filed
against him and several others by the Ombudsman in connection with a P660
million his companies obtained form the Development Bank of the Philippines
(DBP).
"How (can)
a transaction in which the DBP earned some P1.4 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," Ongpin said.
On Thursday,
Ombudsman Conchita Carpio Morales ordered the filing of graft charges against
Ongpin and several officials of the DBP, including former president Reynaldo
David.
David also
cried harassment.
"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 said.
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.###
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