POSLAI depositors seek action to recover deposits

Agitated depositors of the foreclosed Police Savings and Loan Association, Inc. (POSLAI) are now contemplating to seek legal action to be able to withdraw their deposits.

Thousands of POSLAI depositors which include policemen, firemen and jail personnel all over the country were literally left holding an empty bag after a Manila court ordered the closure of the bank and the auction of its furniture and equipment. Manila Regional Trial Court Branch 37 ruled in favor of a civil suit filed by Peter Ignacio against POSLAI officials led by retired police Col. Vicente Palmon for non-payment of a P12.2-million loan plus interests.

Recently, pandemonium broke loose at the Western Police District (WPD) compound as angry POSLAI depositors tried to fight each each other in getting a piece of the bank’s office equipment scheduled for public auction. Only the timely arrival of the headquarters security force prevented a melee from happening.

Police depositors who claim to have still active accounts with the foreclosed bank demanded that auction of the bank’s properties be put off and instead the equipment be given to them as partial payments for their deposits.

Manila Deputy Sheriff Conrado Lamano ordered the bank’s properties such as airconditioning units, computer units and office equipment be brought out of the bank for public auction.