MANILA, Philippines - The decision of the Office of Ombudsman to proceed with its investigation of the alleged behest loans granted by a state-owned bank to a firm owned by businessman Roberto Ongpin has provided an opportunity for him to clear his name, his lawyer said yesterday.
“Mr. Ongpin is happy to face the investigation to clear his name and we are confident that the case filed before the ombudsman will be ultimately dismissed,” lawyer Alexander Poblador said.
He stressed that while they have not yet received official notification from the Office of the Ombudsman or a copy of the complaint filed by the Development Bank of the Philippines, “we welcome the ombudsman’s decision to proceed with the preliminary investigation as an opportunity for my client and other respondents to refute the charges.”
Current DBP officials led by board chairman Jose Nuñez and president Francisco del Rosario Jr. filed complaints against Ongpin and former officials of the bank last month for their alleged role in the release of P660 million in behest loans in 2009 to a small firm owned by the businessman and former Marcos trade minister.
The Office of the Ombudsman has ordered Ongpin and 27 former and current DBP officials and individuals to answer the charges through counter-affidavits.
The businessman earlier maintained that the loans obtained in 2009 by Delta Venture Resources Inc. (DVRI), one of the companies he owns, were aboveboard, totally secured and settled.
Based on the complaint filed, DVRI allegedly used the loans to buy shares of stocks of Philex Mining for P12.75 per share, which were sold a month later to Two Rivers Pacific Holdings Corp. for P21 per share.
The transaction, which allegedly violated the Anti-Graft and Corrupt Practices Act, civil service laws, banking policies, and DBP rules, reportedly deprived the DBP of an opportunity trading gain of P412.4 million.