BSP opposes bid of Orient Bank owner to leave RP

The Bangko Sentral ng Pilipinas (BSP) is asking the Regional Trial Court (RTC) of Manila to stop the owner of Orient Commercial Banking Corp., Jose Go from leaving the country.

Go has applied for the court’s permission to travel to places like Hong Kong, China and Taiwan "for business purposes" from Feb. 5 to March 10.

In opposing the petition, the BSP pointed out that Go is facing several counts of estafa and other cases involving millions of pesos through Orient Bank. The bank was closed on Oct. 14, 1998 and placed under the receivership of the Philippine Deposit Insurance Corp. (PDIC).

"The risk of flight to evade the court’s jurisdiction by the accused is very high," the BSP told the Manila RTC. "Go should make himself available at all times to comply with court orders and processes in connection with the criminal and civil cases filed against him."

The case of Orient Bank triggered a series of reviews on all commercial and thrift banks regarding abuse of the directors, owners, stockholders and other related interests (DOSRI) accounts.

Go is also implicated in a string of estafa cases involving a sum of not less than P140 million (seven counts); estafa for P17.9 million (four counts); estafa (two counts) P19.9 million; falsification of documents (27 counts) P804 million; and a civil suit versus Go and officials for sums amounting to P2.5 billion.

BSP officials said that they and the PDIC are awaiting word from the civil courts regarding the scheduled arraignment of the Orient Bank cases.

The same officials said it is important that the Orient Bank case be pursued "until finality to serve as an example for other banks, commercial or otherwise."