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Merger of Allied Bank and Philippine National Bank
« on: March 21, 2013, 08:54:54 AM »
by pna

The government, through the Office of the Solicitor General, has asked the Supreme Court to stop the impending merger of the Philippine National Bank and the Allied Bank as part of its bid to recover alleged ill-gotten wealth of tycoon Lucio Tan.

In a 20-page motion, solicitor general Francis Jardeleza urged the SC to put Allied Bank assets in custodial egis (custody of the law) until the rightful owner is determined.

"It bears stressing that Allied Bank and all its assets are alleged to be ill-gotten and subject of litigation," the OSG said.

In September 2012, the Sandiganbayan dismissed with finality civil case no. 0005 which is about the government's claim on Tan's 60 percent holdings in various companies.

In upholding its June 2012 ruling, the Sandiganbayan said the government failed to present enough evidence to prove that majority of Tan's assets were ill-gotten.

The case is now pending with the SC.

The government is seeking forfeiture of Tan's assets from Allied Bank, Fortune Tobacco Corporation, Asia Brewery Inc., Foremost Farms, Himmel Industries Inc., Grandspan Development Corporation, Silangan Holdings inc. and Dominium Realty and Construction Corporation.

The planned merger between PNB and Allied Bank was approved by the Securities and Exchange Commission early this year.

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islander

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Re: Merger of Allied Bank and Philippine National Bank
« Reply #1 on: March 21, 2013, 09:06:52 AM »
there must be some political background here.  it could be that either lucio tan didn't support the liberal party or there's someone near the hearth of power who's his personal enemy.  i don't know the background here, but this bears watching out because it will have some effect on our economy and financial reputation.
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islander

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Re: Merger of Allied Bank and Philippine National Bank
« Reply #2 on: March 21, 2013, 09:19:24 AM »
aaahhh, some kind of financial soap opera, it turns out.  it involves two families (lucio tan has two families after all), and a guy (the standard "barbarian at the gate") ready to swallow everything up when the two warring sides annihilate each other.  for those interested, this may serve as a general background: http://www.interaksyon.com/article/39366/cocktales--sibling-revelry-between-michael-lucio-tan-jr-

when such things happen, almost always there's a faceless government functionary or politician backing up one side.



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