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SC orders bank prexy to pay P300-K in fines - Vimarsana News

SC orders bank prexy to pay P300-K in fines

Published: March 15, 2022

MANILA-The Supreme Court (SC) has affirmed a Makati court ruling convicting a banker liable for violations of laws on restrictions of banks' exposure to directors, officers, stockholders and their related interests (DOSRI) loans. In its 21-page resolution uploaded online on March 11, the SC's Third Division denied the petition for review filed by Jose Apolinario Jr. and affirmed the Court of Appeals (CA)'s 2018 decision on the case. The CA had upheld the 2012 joint resolution of the Makati regional trial court (RTC) Branch 149 convicting Apolinario of violating the banking law and ...

Source: philippinetimes.com
Related Topics:
Bangko SentralJose Apolinario JrWinefredot CapilitanSupreme CourtUnitrust Development BankBank Financial InstitutionsDepartment Of Thrift BanksPhilippine Deposit Insurance CompanySc Third DivisionPhilippine Deposit Insurance CorporationJose ApolinarioThrift BanksNon Bank Financial InstitutionsManila The Supreme Court Sc Has Affirmeda Makati Ruling Convictinga Banker Liable For Violations Of Laws On Restrictions Banks 39 Exposure To DirectorsTockholders And Their Related Interests Dosri Loans In Its 21 Page Resolution Uploaded Online On March 11He Sc 39s Third Division Denied The Petition For Review Filed By Jose Apolinario Jr And Affirmed Court Of Appeals Ca 2018 Decision On Case Had Upheld 2012 Joint Resolution Makati Regional Trial Rtc Branch 149 Convicting Violating Banking Law Ordered Him To Paya Total Fine Php300000 Involving Two Dosri Loans Amounting To Php27 Million Granted By The Unitrust Development Bank Udb In 2001 And Of Which Php14 Was Actually Released After Were On Same DayHe Bangko Sentral Ng Pilipinas Bsp Department Of Thrift Banks And Non Bank Financial Institutions Informed The 39s Officers Including Its President Apolinario That Loans Violated Regulatory Laws Under BankingOra Dosri Loan To Be ValidT Is Necessary That The Written Approval Of Majority Bank 39s Directors Be Entered Into Records Anda Copy Entry Must Transmitted To Appropriate Supervising And Examining Department Bsp In Udb CaseHe Bsp Discovered That The Loans Did Not Contain Necessary Supporting Documents Such As Loan ApplicationsDisclosure StatementsNd Both Loans Were Secured Only By Shares In Udb Owned The BorrowerWinefredot CapilitanA Director And Corporate Secretary Of The Bank At That Time Capilitan Obtaineda Personal Loan Php1 Million Anda Second Php27 In His Capacity As President Ofg Cosmos Phils Out Which Some Php13 Was Released On January 2002