Ogami used Unitrust Developement Bank for cross-border pyramiding – workers

The group led by Genta Ogami was using the Unitrust Development Bank as a "cross-border pyramid" instrument, according to former bank employees.

The employees, who requested anonymity, said Ogami, owner of G. Cosmos Philippines Inc., is also the owner of G. Universe Co., G. Cosmos Indonesia and G. Cosmos Italy.

Money raised from one office, say in the Philippines, is used to attract investments another office, say in Indonesia, the employees revealed.

"It would thus be logical for Ogami and his group to buy a bank," they added.

Meanwhile, former bank president Francis Yuseco said he is questioning why the bank declared a bank holiday last week when it was financially healthy.

"There was P43.6-million in cash deposits and other assets worth several millions of pesos," Yuseco told newsmen in a press conference late yesterday afternoon. "Their action forced our suspicions that they wanted to get the money before the depositors reclaimed it."

According to Yuseco, there was an authorized withdrawal of P12 million which could have been skimmed off by the new set of officers and directors who "have a lot of explaining to do especially its declaration of the questionable bank holiday."

Yuseco represents the original set of officers and directors who resigned in September 2001 "to avoid being used as dummies by Ogami." Jose Apolinario is the acting bank president who is identified with Ogami.

Ogami, said to be the bank owner and leader of the Anachronistic Cult culture, has reportedly gone in hiding. A hold departure order has been issued on all the bank’s officers and directors.

Yuseco told newsmen that he and his group are willing to take back the bank "when all this is over. It is a good bank and it is a profitable bank."

He added that they have submitted all the pertinent documents required by the Bangko Sentral ng Pilipinas (BSP) and the Philippine Deposit Insurance Corp. (PDIC), which has taken over as receiver of the bank.

Unitrust declared a bank holiday last Jan. 4. From Dec. 21 to 28 last year, there had been withdrawals amounting to P138 million.