Banco Filipino’s agonizing saga

It has been 15 long years since the Supreme Court decided that the forcible closure of Banco Filipino by then Central Bank Governor Jose "Jobo" Fernandez was illegal and done "arbitrarily with grave abuse of discretion." In its ruling, the High Court ordered the Central Bank to restore Banco Filipino to its pre-eminent status as the dominant bank in the country – a position it enjoyed before being padlocked. The bank subsequently filed a damage suit of P18.8 billion as a result of the illegal closure. However, Banco Filipino’s quest for justice remains unfulfilled. The Bangko Sentral ng Pilipinas, which the Court of Appeals has ruled in over four separate decisions as the successor-in-interest of the defunct Central Bank of the Philippines (CBP), has not made any move to implement the SC’s ruling, claiming that it is not bound to do so. According to Eye-spies, a May 26, 2006 letter by the Banco Filipino Board of Directors to the BSP’s Monetary Board indicated the bank was ready to work out a negotiated settlement to finally put this long running saga to rest. Curiously, BSP remains steadfast in its refusal to do so, reportedly claiming that it is under no obligation to work out a settlement and that it is not the successor-in-interest of the CBP. As the saying goes, justice delayed is justice denied. So what gives?

Risky investment

Incessant oil price hikes are encouraging Filipinos to turn into entrepreneurs, and business opportunities that promise very good returns in just a few years are certainly attractive. The Spy-ring however reported that a so-called "independent" company is allegedly trying to lure franchisees by providing padded books and tax declarations. While the business may appear revolutionary and even attractive to the environmentally conscious, investors after some time are reportedly left alone with a losing proposition, having their bonds forfeited via a termination letter. This so-called independent company’s henchmen from certain government agencies are reportedly sent to harass hapless franchisees, accusing them of selling substandard products. The company is allegedly resorting to this strategy in a bid to make itself as liquid as the sea in order to pay up creditors – to the detriment of franchisees like those who invested through a pharma company’s retirement fund. No wonder proprietors in certain branches keep changing, the Spy-ring reported.

The Comeback Kid

Ear-spies reported that a major shakeup is being anticipated in a multi-awarded company. A couple of years ago, employees were surprised and moved when the scion of this wealthy family broke into tears while delivering his Christmas message. Apparently, he was unceremoniously booted out of the family company allegedly because his sibling managed to turn the patriarch against him. The "prodigal son," who was reportedly banned from entering the premises, e-mailed employees explaining that he was leaving quietly out of respect for his father. With the sibling at the helm, the company’s performance reportedly went on a downhill trend, while the kicked out son went on to engineer a major buyout for the shares of a well-known company. With the patriarch out of the picture, the prodigal is said to be training his guns to reclaim his lost glory and kick out his tormentors. He is reportedly grooming his "wonder boy," whom he lent to a conglomerate for a while, to take on the leadership of his family’s empire in case he succeeds in his comeback bid.

Spy tidbiz: Biggest identity theft

More than a month after the burglary of the Maryland home of a US Veterans Affairs (VA) data analyst, authorities are still trying to get leads on the identity of the culprits. Personal information such as names, addresses, telephone numbers and even Social Security numbers on 2.2 million active duty military, guard and reserve personnel were lost in what has been dubbed the most serious data and security breach ever in the history of the US. This was way below the 50,000 earlier reported by the VA office, whose Secretary is now under fire for releasing information about the magnitude of the burglary trickle by trickle. The VA had earlier said the stolen data involved up to 26.5 million veterans discharged since 1975, including information about some of their spouses. A coalition of veterans groups has filed a class action suit seeking $1,000 in damages and demanding full disclosure which military personnel were affected by the theft. Maryland authorities are offering $50,000 reward for information leading to the recovery of the Hewlett Packard laptop or media drive that contained the stolen information.

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