FINANCE SECRETARY EDGARDO ESPIRITU

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                    [ArticleID] => 254398
                    [Title] => Next BSP chief should be young, energetic — Paeng
                    [Summary] => In exactly 385 days, a new governor of the Bangko Sentral ng Pilipinas (BSP) will have to be appointed and according to incumbent governor Rafael Buenaventura, his replacement has to be young and energetic. 


Speaking before the members of the Financial Executives Institute of the Philippines (FINEX), Buenaventura said the future BSP governor should be physically young enough to withstand the rigors of the job. 


"He should be in his early 40s to 50s," Buenaventura said.  


                    [DatePublished] => 2004-06-18 00:00:00
                    [ColumnID] => 133272
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                    [AuthorID] => 1096655
                    [AuthorName] =>  Des  Ferriols
                    [SectionName] => Business
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                    [ArticleID] => 237563
                    [Title] => S’pore’s UOBL ordered to pay minority stockholders
                    [Summary] => The Manila Regional Trial Court has ordered the Singapore-based United Overseas Bank Ltd. (UOBL) to pay P135.6 million in damages to a group of minority stockholders led by the Farmix group.


In his order, RTC judge Artemio Tipon said the minority group should be awarded its proportionate share in the proceeds of the sale of Westmont Bank to UOBL, including interest.


UOBL acquired a 60 percent controlling stake in Westmont Bank, owned by the group of former Finance Secretary Edgardo Espiritu, in 1999 through a leveraged buy-out.


                    [DatePublished] => 2004-02-04 00:00:00
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                    [ArticleID] => 207196
                    [Title] => BSP allows Singapore group to acquire up to 90% of UOB Phils
                    [Summary] => The Bangko Sentral ng Pilipinas (BSP) said yesterday  the  United Overseas Bank (UOB) of Singapore will be allowed to acquire only up to 90 percent of UOB Philippines pending the resolution of the ownership dispute over the   remaining 10 percent of the  bank’s   shares. 


BSP Governor Rafael B. Buenaventura said  the Monetary Board has approved the acquisition but only up to 90 percent of UOB Philippines pending the  conditions set by monetary officials.


                    [DatePublished] => 2003-05-23 00:00:00
                    [ColumnID] => 133272
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                    [AuthorID] => 1096655
                    [AuthorName] =>  Des  Ferriols
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                    [ArticleID] => 206207
                    [Title] => Two done, one to go
                    [Summary] => There’s talk another Eastwood-Libis would be put up in the Cultural Center of the Philippines complex. The land belongs to the CCP, of course, which makes the CCP a stakeholder (and potentially cash- rich). The private group–which has already been identified – will develop the property.
* * *

Agriculture Secretary Luis Lorenzo Jr. has been trying to put in place a management system that has worked quite well at Lapanday Corp.
                    [DatePublished] => 2003-05-15 00:00:00
                    [ColumnID] => 135040
                    [Focus] => 0
                    [AuthorID] => 1488513
                    [AuthorName] => Margaret Jao-Grey 
                    [SectionName] => Business
                    [SectionUrl] => business
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                    [ArticleID] => 199872
                    [Title] => Albano wants Congress to summon UOBL chairman
                    [Summary] => Isabela Rep. Rodolfo Albano, has sought the inclusion of Wee Cho Yaw, Forbes Magazine-listed billionaire and chairman of the Singapore-based United Overseas Bank Limited, in the congressional inquiry into the alleged violation of the constitution, anti-dummy and banking laws during the leverage buyout of the former Westmont Bank by UOBL.


                    [DatePublished] => 2003-03-22 00:00:00
                    [ColumnID] => 133272
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                    [ArticleID] => 196360
                    [Title] => UOB gives court copy of contract to help settle Farmix-Espiritu row
                    [Summary] => United Overseas Bank of the Philippines has submitted to a Manila court a copy of its settlement agreement with the group of former Finance Secretary Edgardo Espiritu as requested by the Farmix Fertilizer group.


The bank said this should help the Farmix and Espiritu groups settle their differences on how much Farmix is entitled to from the amount the Espiritu group got from UOB for selling out of the bank.


Farmix used to be part of the Espiritu group and had internal arrangements on sharings as minority partners of UOB of Singapore.


                    [DatePublished] => 2003-02-22 00:00:00
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                    [ArticleID] => 194118
                    [Title] => UOBL head in hot water
                    [Summary] => A Manila court has ordered the deposition of the chairman of the United Overseas Bank Ltd. (UOBL) of Singapore on  the controversial buyout deal of the Singaporean investors of the former Westmont Bank now operating under the name United Overseas Bank of the Philippines (UOPB).


                    [DatePublished] => 2003-02-04 00:00:00
                    [ColumnID] => 133272
                    [Focus] => 0
                    [AuthorID] => 
                    [AuthorName] => 
                    [SectionName] => Banking
                    [SectionUrl] => banking
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                    [ArticleID] => 187202
                    [Title] => Row among UOBP owners deepens
                    [Summary] => The dispute between two factions of former owners of the United Overseas Bank of the Philippines (UOBP) turned from bad to worse amid charges of alleged opportunism by the minority shareholders.


Lawyer Francis Lim, senior partner of the ACCRA Law and legal counsel for the controlling Espiritu-Tan Caktiong Group, accused the Farmix Group of illegally increasing their 7.66-percent stake in UOBP, formerly known as Westmont Bank, to 10.36 percent.


                    [DatePublished] => 2002-12-09 00:00:00
                    [ColumnID] => 133272
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                    [ArticleID] => 186297
                    [Title] => Protracted legal battle seen over minority claim in UOBP
                    [Summary] => A protracted legal battle is seen over a claim by a minority shareholder in the United Overseas Bank Philippines (UOBP) buy-out settlement.


"If they (Farmix owners) insist on their claim, we will fight it out in court and it will take years before they get their money," said corporate lawyer Francis Lim of the ACCRA law office.


                    [DatePublished] => 2002-12-02 00:00:00
                    [ColumnID] => 133272
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                    [ArticleID] => 185324
                    [Title] => House body to probe UOBP deal
                    [Summary] => The House committee on banks will open an inquiry this week into the alleged control by Singaporean investors of the United Overseas Bank of the Philippines (UOBP).


Rep. Jaime Lopez (Lakas, Manila), committee chairman, said yesterday his panel would want to inquire into whether Singaporeans have indeed gained control of the local bank.


He said the committee would also check if constitutional limitations on foreign ownership of a domestic corporation and the General Banking Act have been violated.


                    [DatePublished] => 2002-11-25 00:00:00
                    [ColumnID] => 133272
                    [Focus] => 0
                    [AuthorID] => 1097047
                    [AuthorName] =>  Jess Diaz
                    [SectionName] => Business
                    [SectionUrl] => business
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abtest

Next BSP chief should be young, energetic — Paeng

By Des Ferriols | June 18, 2004 - 12:00am

In exactly 385 days, a new governor of the Bangko Sentral ng Pilipinas (BSP) will have to be appointed and according to incumbent governor Rafael Buenaventura, his replacement has to be young and energetic. Speaking...

Business

S’pore’s UOBL ordered to pay minority stockholders

February 4, 2004 - 12:00am

The Manila Regional Trial Court has ordered the Singapore-based United Overseas Bank Ltd. (UOBL) to pay P135.6 million in damages to a group of minority stockholders led by the Farmix group. In his order, RTC judge...

Business

BSP allows Singapore group to acquire up to 90% of UOB Phils

By Des Ferriols | May 23, 2003 - 12:00am

The Bangko Sentral ng Pilipinas (BSP) said yesterday the United Overseas Bank (UOB) of Singapore will be allowed to acquire only up to 90 percent of UOB Philippines pending the resolution of the ownership dispute...

Business

Two done, one to go

By Margaret Jao-Grey  | May 15, 2003 - 12:00am

There’s talk another Eastwood-Libis would be put up in the Cultural Center of the Philippines complex. The land belongs to the CCP, of course, which makes the CCP a stakeholder (and potentially cash- rich)....

Business

Albano wants Congress to summon UOBL chairman

March 22, 2003 - 12:00am

Isabela Rep. Rodolfo Albano, has sought the inclusion of Wee Cho Yaw, Forbes Magazine-listed billionaire and chairman of the Singapore-based United Overseas Bank Limited, in the congressional inquiry into the alleged...

Business

UOB gives court copy of contract to help settle Farmix-Espiritu row

February 22, 2003 - 12:00am

United Overseas Bank of the Philippines has submitted to a Manila court a copy of its settlement agreement with the group of former Finance Secretary Edgardo Espiritu as requested by the Farmix Fertilizer group. The...

Business

UOBL head in hot water

February 4, 2003 - 12:00am

A Manila court has ordered the deposition of the chairman of the United Overseas Bank Ltd. (UOBL) of Singapore on the controversial buyout deal of the Singaporean investors of the former Westmont Bank now operating...

Banking

Row among UOBP owners deepens

December 9, 2002 - 12:00am

The dispute between two factions of former owners of the United Overseas Bank of the Philippines (UOBP) turned from bad to worse amid charges of alleged opportunism by the minority shareholders. Lawyer Francis Lim,...

Business

Protracted legal battle seen over minority claim in UOBP

December 2, 2002 - 12:00am

A protracted legal battle is seen over a claim by a minority shareholder in the United Overseas Bank Philippines (UOBP) buy-out settlement. "If they (Farmix owners) insist on their claim, we will fight it out...

Business

House body to probe UOBP deal

By Jess Diaz | November 25, 2002 - 12:00am

The House committee on banks will open an inquiry this week into the alleged control by Singaporean investors of the United Overseas Bank of the Philippines (UOBP). Rep. Jaime Lopez (Lakas, Manila), committee chairman,...

Business