SECTIONS
Sunday, September 22, 2019
MANILA

Yasay arrested over charges related to Banco Filipino

MANILA (Updated) -- Former bureaucrat Perfecto Yasay Jr. was arrested Thursday, August 22, over alleged crimes committed by Banco Filipino officials from 2003 to 2006.

The problem with Yasay's inclusion in the information filed in court is that he joined Banco Filipino in 2009, or three years after the alleged crimes were committed.

Yasay, 73, posted about his arrest on social media around 4 p.m. Thursday.

He said he was arrested in his residence in Makati City based on a warrant of arrest issued by the Manila Regional Trial Court (RTC) Branch 10.

"To all my friends, allow me to inform you that I am now being arrested from my house by police officers of Manila on the basis of a warrant of arrest issued by the RTC of Manila Branch 10 for criminal charges that were alleged committed by officials of Banco Filipino from 2003 to 2006, clearly appearing on the face of the Information filed by the prosecutor, when in truth and in fact I joined the bank only in 2009," he stated.

"I am not posting bail until I am brought before the judge where I will question this abuse of process and travesty of justice," he added.

The Manila Police District (MPD) said the arrest warrant against Yasay was issued by Judge Danilo Leyva of the Manila RTC Branch 10 for several violations of the provisions of Republic Act 8791, otherwise known as the General Banking Law, and Republic Act 7653 or the New Central Bank Act.

The MPD reported that sometime in 2001-2009, Yasay and his five associates and officers of the Banco Filipino conspired and aided each other to secure from the bank a loan or credit amounting to P350 million for Tierrasud Incorporated.

“When the loan was granted, all accused failed to report such loan accommodation to the supervision of BSP (Bangko Sentral ng Pilipinas) and despite report of examination addressed to all accused instructing them to rectify such violation failed to do the same,” the MPD said.

Yasay was initially brought to MPD for documentation.

Banco Filipino Savings and Mortgage Bank was a savings and loan association that developed BF Homes subdivisions.

Yasay served as chairman of the Securities and Exchange Commission during the Joseph Ejercito Estrada administration.

He was asked in May 2016 to serve as Department of Foreign Affairs chief under the Rodrigo Duterte administration, but his appointment was rejected by the Commission on Appointments in March 2017 for having a US citizenship.

Yasay had denied under oath, but later admitted that he had obtained American citizenship. (MVI/Third Anne Peralta-Malonzo/SunStar Philippines)


VIEW COMMENTS
DISCLAIMER:

SunStar website welcomes friendly debate, but comments posted on this site do not necessarily reflect the views of the SunStar management and its affiliates. SunStar reserves the right to delete, reproduce or modify comments posted here without notice. Posts that are inappropriate will automatically be deleted.


Forum rules:

Do not use obscenity. Some words have been banned. Stick to the topic. Do not veer away from the discussion. Be coherent. Do not shout or use CAPITAL LETTERS!

sunstar.com.ph