SENATOR Panfilo Lacson has sought an investigation into the alleged anomalous large scale financial transactions involving “behest loans” during the Arroyo administration.
He filed Senate resolution No.553 directing the Senate Committees on Accountability of Public Officers and Investigations (Blue Ribbon), and Banks and Financial Institutions to probe the reported “sweetheart deals.”
In seeking the investigation, Lacson cited a published report in May 2011 about questionable transactions involving two alleged behest loans “approved in two days” with incomplete document submissions totaling P660 million by Delta Ventures Resources Inc., a company with only a P650,000 paid up capital from the Development Bank of the Philippines.
“The loan was then used by DVRI to buy 50 million shares — at around P11 per share — of PHILEX Mining Company, which at that time was ironically owned by the DBP. Three weeks after, these same shares were then sold by DVRI at P21 per share to a third party,” Lacson said.
The transactions happened from April 2009 to December 2009, under the term of former DBP President Reynaldo David who at that time was also sitting as a Director in PHILEX Mining Company.
Businessman Roberto Ongpin, a close friend of former First Gentleman Jose Miguel Arroyo, a director of PHILEX Mining, admitted the transactions but claimed they were above board.
Source : http://www.journal.com.ph
