1994
On Dec. 12, 1994, Little Angel Phils., headed by Luis Nepomuceno, secured a P270 million loan from the Bank of Commerce.
The loan was collateralized by real estate mortgage on a 3,000-square meter lot in Forbes Park; chattel mortgage on plant and equipment valued at P1 billion; two lots in Pacific Village in Alabang, Muntinglupa and an assignment on its rights on a parcel of land along Malugay St. in Makati City.
1997
As a result of the Asian financial crisis, the account of Little Angels at BOC turned past due as of June 30, 1997. To assist the borrower, BOC entered into a dacion en pago arrangement on the Forbes Park property with Nepomuceno Productions, also owned by Luis Nepomuceno, for P150 million with a right to repurchase within a period of one year. BOC started looking for a buyer from this time but due to the prevailing crisis, no interested buyer came up at its asking price.
On Aug. 7, 1997, PCI Bank filed an adverse claim over the property as Nepomuceno defaulted on his loans with PCI that were unsecured or on a clean basis.
1999
Sometime in mid-August 1999, Manuel "Beaver" Lopez inquired from BOC president Raul de Mesa on any acquired assets the bank may have for sale. De Mesa furnished him a list of BOC acquired assets and Lopez took interest on the Forbes property but negotiated for a payment plan over six months.
To obviate any legal problems with respect to the adverse claim of PCI, the BOC and Nepomuceno Productions mutually agreed to rescind the dacion agreement and BOC decided to foreclose on the property.
In September, various offers for the property were received. Antonio Ang bidded for P90 million, Jose Ma. Antunes submitted an offer for P108 million and Philip Yaptinchay, purportedly representing Ricardo Delgado, offered P120 million.
The sale for P120 million was approved by the BOC board in favor of Sps. Lopez.
On Dec. 8, 1999, a deed of sale on the property was executed by BOC in favor of Lopez. BOC turned over all the documents pertaining to the transaction to lawyer Ed Serapio of the De Borja law office, the lawyer of choice by both buyer and seller.
As billed by the De Borja law office, two BOC Managers’ Checks amounting to P7.5 million were subsequently remitted to the law firm to pay for the taxes and other expenses related to the transfer of ownership of the property.
Thereafter, BOC was informed that the Register of Deeds refused to register the documents as the one-year redemption period had not yet lapsed.
Hence, on Dec. 20, Nepomuceno Productions through Luis Nepomuceno executed a waiver of its rights of redemption.
After the deed of sale was executed and delivered to Serapio and the amount intended for the payment of taxes and other expenses were also remitted to the De Borja law office. BOC’s participation in the transaction ended.
2000
Sometime in October 2000, after alleged irregularities regarding the transaction were reported by the media, the BOC started to investigate.
In early November this year, the bank’s legal department obtained copies of the documents pertaining to the property.
Upon examination of the documents, BOC’s De Mesa denied having signed the documents used in the transfer of the property as it was the first time he had seen the documents.
As an aggrieved party, BOC will pursue its investigation with the end view of arriving at the truth.