2 ex-bank execs face estafa raps

Two former executives of the state-run Land Bank of the Philippines are facing criminal charges before the Department of Justice (DOJ) over the allegedly illegal foreclosure of P4 billion worth of properties and assets of Uniwide Holdings Inc. (UHI).

Charges of estafa and qualified theft were filed against Margarito Teves and Roberto de Ocampo, former president and chairman of Landbank, respectively, by UHI chairman Jimmy Gow.

The other respondents were UHI chief finance officer Jaime Cabangis, comptroller and assets manager Corazon Rey and Landbank loan officer Peter Edmard Tamayo.

Also included in the charge sheet were lawyers Monico Jacob, Cornelio Peralta and Arthur Aguilar, members of the interim receivership committee that was created by the Securities and Exchange Commission due to the petition for rehabilitation of UHI filed by Cabangis.

In his 13-page complaint, Gow alleged that the respondents manipulated the foreclosure of real properties and shares of stocks of UHI to Landbank “without the knowledge and approval” of the UHI’s board of directors and investors.

Gow said the UHI suffered P3.843 billion in damages, including P1.5 billion worth of mortgaged real properties; P143.840 million, representing the 20 percent addition to the original P500 million loan of Uniwide Sales Warehouse Club Inc., which was converted into UHI loan; P1.8 billion in shares of stocks, which Landbank should return to UHI, and P400 million representing the current appraised value of Gow’s Wack-Wack property, “which was mortgaged illegally.”

The complaint alleged that the respondents stole billions of pesos from Gow by filing an application for rehabilitation of his companies without the approval of the board of directors and stockholders.

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