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Tan commits to give gov't equal voting rights in PNB.
Byline: Cecille E. Yap
Wealthy businessman Lucio C. Tan is committed to give the government equal voting rights in a rehabilitated Philippine National Bank (PNB).
This was learned last Friday from Philippine Deposit Insurance Corp. (PDIC) president Norberto C. Nazareno, who said Mr. Tan and the government will share voting rights at 45% each after PNB's "reverse privatization."
This is despite PDIC's decision to convert to preferred shares some P7.8 billion of the P10 billion it lent PNB in 2000 in the form of emergency assistance. Another P15 billion was lent by Bangko Sentral ng Pilipinas (BSP).
Mr. Tan's commitment allows the …
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