Court orders PSE to seize LBC stocks

MANILA, Philippines - The Philippine Stock Exchange has been ordered by the Makati regional trial court to seize the stocks and other personal properties of LBC Express Holdings Inc.

The order was triggered by the P1.8 billion collection case filed by the Philippine Deposit Insurance Corp. (PDIC) against the Araneta family’s LBC Group.

PDIC is the liquidator and receiver of LBC Development Bank, which closed in 2011.

In a circular posted on its website, the PSE said the Notice of Garnishment will cover “all the goods, effects, stocks, and any other personal properties of the defendants in the possession of the exchange to cover the P1.824 billion” in unpaid service fees.

The defendants in the case representing LBC Express Inc., LBC Development Corp. and LBC Properties Inc., are Juan Carlos Araneta, Santiago Araneta, Fernando Araneta, Monica Araneta, Carlos Araneta, Ma. Eliza Berenguer, Ofelia Cuevas, Apolonio Ilio, Joseph Jeffrey Rodriguez and Arlan Jurado.

LBC earlier said it continues to exert all efforts to fully attend to the needs of its customers and ensure regular ongoing operations.

It has become a respected leader offering fast and reliable express courier and money remittance service throughout the country.

LBC offers the widest coverage and network with over 700 strategically located branches nationwide.