Mr Lee Posted December 25, 2008 Author Posted December 25, 2008 http://www.manilastandardtoday.com/?page=p...ics3_dec25_2008Senate probes bank closures, pyramiding By Fel V. Maragay THE Senate will look into the recent closure of several rural banks, including nine owned by one group, and how they were able to offer high interest rates to bring in more depositors. Senator Mar Roxas filed Senate Resolution 823 asking the committee on banks to conduct the inquiry in the wake of the almost simultaneous closure of the banks from the Legacy Group. Roxas said the committee on banks will zero in on the outlawed Link to comment Share on other sites More sharing options...
Terp Posted December 26, 2008 Posted December 26, 2008 Surely there must have been a board of directors or some such for this Legacy Group. So why haven't I heard of any the names? Or have I somehow missed them? Link to comment Share on other sites More sharing options...
Mr Lee Posted December 26, 2008 Author Posted December 26, 2008 Surely there must have been a board of directors or some such for this Legacy Group. So why haven't I heard of any the names? Or have I somehow missed them?Terp, I guess they keep them hidden pretty well because I do not remember reading their names anywhere either. Not like in the US where most things like that are public record. Link to comment Share on other sites More sharing options...
Mr Lee Posted December 26, 2008 Author Posted December 26, 2008 http://business.inquirer.net/money/breakin...aque-rural-bankPDIC payout for Para Link to comment Share on other sites More sharing options...
Mr Lee Posted December 27, 2008 Author Posted December 27, 2008 http://business.inquirer.net/money/topstor...-vs-rural-banksSPECIAL REPORTLegal woes set back BSP move vs rural banks By Daxim LucasPhilippine Daily InquirerFirst Posted 20:31:00 08/24/2008(First of two parts)MANILA, Philippines--Taxpayers will have to shoulder billions of pesos worth of deposit insurance payments should a set of rural banks across the country--controlled by one man--close due to insolvency.According to bank regulators, the total bill that the state-owned Philippine Deposit Insurance Corp. (PDIC) will have to foot should these rural banks cease to do business is "over P12 billion" as of the latest data available.This insured amount represents more than a fourth of PDIC's capital base and will almost certainly cause the deposit insurer to seek the support of taxpayers' money from the Bangko Sentral ng Pilipinas (the Philippine central bank).Court documents obtained by the Philippine Daily Inquirer identified these firms as Rural Bank of Para Link to comment Share on other sites More sharing options...
Mr Lee Posted December 27, 2008 Author Posted December 27, 2008 http://business.inquirer.net/money/breakin...-dispute-report10 rural banks dispute report Philippine Daily InquirerFirst Posted 01:55:00 08/26/2008Filed Under: Banking, Central BanksA group of rural banks involved in a legal tussle with the central bank, Bangko Sentral ng Pilipinas (BSP), over their alleged Link to comment Share on other sites More sharing options...
johnrxx99 Posted December 27, 2008 Posted December 27, 2008 Here we go, the man who on Legacy's website is the owner denying he's anything but a minor stock holder.I have a copy of Legacy's Pre Needs Plan application. At the time of the "deal" you deposit Link to comment Share on other sites More sharing options...
tom_shor Posted December 28, 2008 Posted December 28, 2008 They will deny it and provide as many witnesses as necessary to prove it. Link to comment Share on other sites More sharing options...
johnrxx99 Posted December 28, 2008 Posted December 28, 2008 In a country that has any form of legal system, evidence is fact. Witnesses are assumed to be liars unless they can produce facts to prove their statement.It may take longer here but that man is toast Link to comment Share on other sites More sharing options...
Mike S Posted December 28, 2008 Posted December 28, 2008 Wow ...... I had no idea this many banks had failed ........... 14 in all ... so far ..http://business.inquirer.net/money/breakin...ed-PDIC-swarmed Link to comment Share on other sites More sharing options...
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