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Orient Bank owner, execs slapped with 24 estafa suits (Lending to 'fictitious' borrowers).
The Philippine Deposit Insurance Corp. (PDIC) has filed 24 new estafa cases against Orient Commercial Banking Corp. (Orient Bank) owner Jose C. Go and several other senior officers of the bank and its property affiliate - nearly two years after the bank has been ordered closed.
In a June 5 letter to the Department of Justice, PDIC chief legal counsel Pablo Y. Romero, Jr. said an examination of the closed commercial bank's records revealed management gave out "fictitious" loans to 24 individuals, amounting to P178.6 million.
"It appears, however, that the manager's checks issued from October 1996 to February 1997 to cover the proceeds of the alleged loans …
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- PDIC starts liquidating Orient Bank after 2 years.
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Magazine article from: BusinessWorld (Philippines)
Lucas, Daxim L.
March 17, 2000
700+ words
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- PDIC closes 3 rural banks.
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Magazine article from: BusinessWorld (Philippines)
March 31, 2000
700+ words
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- World Bank, Palace-backed GBA changes to lead to more insider abuse, PDIC warns.
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Magazine article from: BusinessWorld (Philippines)
Falgui, Raymond G.
March 2, 2000
700+ words
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- BSP asks SC to uphold gov't decision to close Orient Bank.
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News wire article from: Asia Africa Intelligence Wire
August 26, 2002
700+ words
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- 30 Orient Bank branches set to reopen by yearend.
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Magazine article from: BusinessWorld (Philippines)
September 29, 2000
700+ words
