MANILA (Reuters) - A attorney for millionaire Filipino magnate Roberto "Bobby" Ongpin said on Weekend a court-mandated lock up on about 100 banking records connected to him was part of govt goes to persecute him for his near hyperlinks to the spouse of former Chief executive Gloria Macapagal Arroyo.
The Judge of Is attractive, in the transaction old Dec 6, asked for the lock up on banking records related to Ongpin and his affiliates after condition and Us senate probes revealed he obtained "behest loans", or financial loans acquired under preferential terms, from condition Development Financial institution of the Malaysia (DBP), according to records acquired by Reuters.
Ongpin's legal services, Rodolfo Ma. Ponferrada, said in a declaration there was no reason to lock up the banking records because there was nothing the govt was seeking to restore. Ongpin had fully paid the financial loans from DBP of around 660 thousand pesos ($16 million) with interest well before maturation, he said.
The lock up purchase was "just the latest salvo in a ongoing design of justice against his customer because of his near organization with the former First Man, Atty. Scott Arroyo," Ponferrada said, including the transaction was based on "inaccuracies and wrong information".
The lock up, asked for by the national Anti-Money Washing Authorities, can be prolonged by up to six months and includes records with 20 banking organizations and banking organizations, such as top regional banking organizations BDO Unibank Inc , Metro Financial institution & Believe in Co , Financial institution of the Filipino Destinations and regional models of foreign banking organizations Citibank N.A. and HSBC .
The purchase by the Judge of Is attractive demonstrates the growing reach of Chief executive Benigno Aquino's anti-corruption drive in a country long affected by native to the island graft.
Former Chief executive Arroyo has herself been arrested in an military medical center since Oct on plunder expenses.
Ongpin, 75, is the nation's ninth-richest man with a net worth of $1.5 billion dollars, according to Forbes journal. He does not refuse that Scott Arroyo is a good friend.
A Stanford Business School graduate student and qualified financial advisor, Ongpin was trade reverend under delayed strongman Ferdinand Marcos.
His investment strategies cut a wide swathe through the economic system. He is the greatest single trader in the nation's greatest corporation unfortunatly, San Miguel Corp , via his company Top Frontier Investment Holdings, with a 37 % share.
He also operates medium-sized Filipino Financial institution of Devices , property company Alphaland Corp , oil traveler Atok-Big Pitching wedge , game playing company Philweb Corp .
Ongpin used the loan continues to acquire a share in top exploration company Philex Mining Corp , which he sold weeks later for a 65 % gain to Hong Kong's First Hawaiian Co Ltd , according to stock market filings.
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