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LBC seeks speedy resolution of PDIC case

(The Philippine Star) - January 6, 2016 - 9:00am

MANILA, Philippines – The Araneta family-led LBC group is hoping for the immediate resolution of the  P1.8 billion lawsuit filed against it by the state-run Philippine Deposit Insurance Corp. (PDIC) but assured customers it is business as usual for the company.

In a statement yesterday, LBC Express Inc. said the company expects “all incidental difficulties” to be resolved within the next few days.

“In light of the ongoing Civil Case No. 15-1258 involving the PDIC as receiver of LBC Development Bank, and, among others, LBC Express Inc., we would like to assure the public that this matter is being dealt with accordingly and that LBC Express Inc. is, as always, business as usual,” LBC said.

LBC on Monday told the Philippine Stock Exchange that LBC Development Corp. and LBC Express. Inc. have been issued with a writ of preliminary attachment by  Makati Regional Trial Court branch 143 for unpaid services fees amounting to P1.8 billion.

PDIC serves as the liquidator and receiver of LBC Development Bank which closed in 2011.

“While it is unfortunate that LBC Express has been involved in this case, the company, through proper legal counsel, has thoroughly assessed the situation, and will exhaust all legal remedies to resolve this matter as soon as possible,” LBC said.

LBC said it continues to exert all efforts to fully attend to the needs of its customers and ensure regular ongoing operations.

“We are, as we have always been, focused on our customers, and we will stop at nothing to ensure total customer satisfaction. Given how important and integral our services are to millions of Filipino lives, businesses, and communities both here and abroad, we shall continue to serve with the high level of service that our brand has been known for, for well over 60 years,” the company said.

LBC is a leader when it comes to payments, remittance, courier products, mail, parcels and, cargo logistics.

 

ACIRC ARANETA CIVIL CASE NO DEVELOPMENT BANK DEVELOPMENT CORP EXPRESS EXPRESS INC LBC MAKATI REGIONAL TRIAL COURT PHILIPPINE DEPOSIT INSURANCE CORP PHILIPPINE STOCK EXCHANGE
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