UOBP says Farmix-Espiritu row won’t affect its operations

United Overseas Bank of the Philippines’ (UOBP) operations will not be affected by the current row between former business partners Farmix Fertilizer Group and the Espiritu Group.

"This is a commercial matter that is now pending with the courts and has no bearing on the bank’s operations," UOBP said in a statement.

The case stems from a question of how much Farmix is entitled to as its share from certain UOBP receivables that UOBP used as basis in buying out the remaining shares of the Espiritu Group last year.

The bank said the sharing was an "internal matter" betwen the two groups which used to co-own UOBP’s predecessor, Westmont Bank.

"We paid an agreed-upon value for a fixed and undisputed number of shares. Whether Farmix is entitlted to more shares than what the books show is a matter it has to settle with its erstwhile partner, the Espiritu Group, not UOBP," the bank said.

The bank also said its counsel, Alexander S. Poblador, is now studying its legal options following reports attirubted to the lawyer of Farmix, former Rep. Roan Libarios, that the bank might be closed down by Congress if the buyout agreement with the Espiritu Group does not stand legally.

"We will not allow the bank and the interest of its depositors to be sabotaged by personal motives," UOBP said.