LBC, PDIC seek amicable settlement of case

THE Makati Regional Trial Court (RTC) has granted the joint motion filed by the Philippine Deposit Insurance Corp. (PDIC), LBC Express, Inc. and LBC Development Corp. to postpone the pretrial to give time for the parties to discuss an amicable settlement.

In a disclosure to the stock exchange, LBC Express Holdings, Inc. said the Makati RTC Branc 143 moved the pre-trial to Sept. 6, 2018.

“With the granting of the joint motion to suspend proceedings, the parties would have the opportunity to amicably settle and resolve the case,” the company said.

In 2015, LBC Development Bank, which is represented by the PDIC, filed a case against LBC Development Corp. and LBC Express to collect around P1.8 billion in unpaid service fees.

Also tagged in the case is LBC Properties, Inc., and individuals Juan Carlos Araneta, Santiago G. Araneta, Fernando G. Araneta, Monica G. Araneta, Carlos Araneta, Ma. Eliza G. Berenguer, Ofelia F. Cuevas, Apolonia L. Ilio, Joseph Jeffrey Rodriguez, and Arlan T. Jurado.

On Wednesday, shares in LBC Express Holdings, Inc. closed at P14.98, up 2.60% or 0.38 points. —