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Thursday, January 09, 2003
City revokes lending firm's permit
By Victor L. Camion
THE City Legal Office ordered the immediate revocation and cancellation of the mayor's permit of a private banking and lending firm operated by a motor-cab-for-hire driver following questions raised by his foreign and Filipino associates.
In his seven-page resolution, acting city legal officer Neil Ray Lagahit ordered revoked and cancelled the mayor's permit of Porzana Private Banking Lending Investor under the name of Robert Placencia.
The complainant Robert DeVito sought the cancellation of the permit because of the question of ownership.
Porzana Private Banking Lending Investor (Porzana) is engaged in lending money with interest to qualified borrowers.
"Starting January 2, 2003, all business establishments, including Porzana, are required by law to again process the renewal of their respective business permits, so that they could legally continue doing business within the territorial limits of the city," Lagahit in his resolution said.
During a marathon hearing conducted on December 27, 2002 at 2:30 p.m. at the office of the city legal officer, it was learned that the mayor's permit showed Porzana as owned by Placencia and not by DeVito.
Lagahit said Placencia "...made several false statements and declarations..." in the application for permit to make it appear that he was the capitalist-owner of Porzana instead of DeVito.
"Surprisingly, the respondent never denied the misrepresentation and false declaration," he said.
The real owner raised the issue of false declaration while questioning the firm's ownership of Placencia and its financial condition.
DeVito said the company suffered "an erroneous shortfall" in the remittances of collection money.
The said owner said he designated Placencia as Porzana's general manager and directly accountable to him.
Lagahit recommended the filing of charges against Placencia for violating the city's local tax code and the revised penal code.
(January 7, 2003 issue)
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