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MANILA, Philippines – Businessman Roberto V. Ongpin has resigned as director and co-chairman of Philippine Bank of Communications (PBCom), the bank said on Wednesday, January 2.
The PBcom said in a disclosure to the Philippine Stock Exchange that Ongpin submitted his resignation on December 28, 2012.
Ongpin’s group acquired a 97% stake worth P4.7 billion in PBCom in December 2011.
Ongpin, who also chairs Alphaland Corp., ISM Communications Corp, among others, faces legal cases, as he is the subject of a Senate probe on P660 million worth of alleged behest loans granted by state-run Development Bank of the Philippines to his businesses in 2009.
In December 2012, the Court of Appeals ordered a temporary freeze on about 100 bank accounts linked to Ongpin at the request of the Anti-Money Laundering Council. – Rappler.com
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