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Chinese-Filipino businessman Lucio C. Tan would not have gained entry into the Philippine National Bank (PNB) had the government disclosed it still had majority control.
This is what former Finance Secretary Edgardo B. Espiritu wants the new administration of President Gloria Macapagal Arroyo to look into.
In a telephone interview yesterday, Mr. Espiritu said the Department of Finance (DoF) last year did not disclose that the government had voting rights in the then semiprivate bank.
He said this turned off investors who did not want to buy into a bank that was controlled by the controversial tycoon, a close friend of ousted President Joseph Estrada. …