Ongpin case no impact on Alphaland – exec

Aya Lowe

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Roberto Ongpin's court case has not affect Alphaland's financials.

 

FROZEN ASSETS. Alphaland boss Mario Oreta (right) says the frozen assets of the country's 11th richest, Roberto V. Ongpin (left) have no impact on the property firm. Photo by Aya Lowe/Rappler

MANILA, Philippines – High-end property firm Alphaland Corp. was not affected by the move of the government to freeze the bank accounts of its chairman, Roberto V. Ongpin.

Mario Oreta, president of Alphaland, told reporters on the sidelines of the company’s stockholders meeting on Tuesday, April 2, that the property firm is not dependent on Ongpin for its cash flow. 

“Ongpin’s ongoing case has nothing to do with Alphaland’s timetable. We’re not getting finance from his frozen accounts. Alphaland has their own funds,” he said.  

In December 2012, the Court of Appeals ordered a temporary freeze on roughly 100 bank accounts linked to Ongpin, the country’s 11th richest.

At the request of the anti-money laundering council, the appellate court ordered 20 banks and financial institutions to freeze the Ongpin-linked accounts, 10 of which are directly under his name, for 20 days. 

This order was made following investigations into a P660-million alleged behest loan deals between Ongpin and officials of state-run Development Bank of the Philippines (DBP) in 2009. The borrowed amounts were used to buy and sell shares and make a huge profit in listed Philex Mining Corp.

Ongpin had said the freeze order resulted in a big drop in the value of his shareholdings in publicly listed companies PhilWeb Corp., Alphaland Corp., Atok Big Wedge Co. Inc., ISM Communications and Philippine Bank of Communications. He disclosed his shareholdings dropped by a total of P8 billion when the freeze order was publicized and extended for another 6 months.


After engaging in a word war with the Bangko Sentral ng Pilipinas (BSP), Ongpin filed charges against Deputy Governor Nestor Espenilla and Anti Money Laundering Council (AMLC) Executive Director Vicente Aquino for alleged violation of the Anti-Graft Law.



Alphaland is owned by companies controlled by Ongpin and the London-based Ashmore Group.

Shares of Alphaland resumed trading in March 2013 following a two-month-long trading suspension for failing to meet the 10% minimum public ownership rule, which is part of capital market reforms. – Rappler.com

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