DOF charges former Congressman Pichay in takeover of Express Savings Banc, Inc.

Finance Secretary Cesar Purisima filed a criminal complaint at the Department of Justice(DOJ) against 5 members of the Board of Trustees of the Local Water Utilities Administration(LWUA), a government-owned and controlled corporation(GOCC), in connection with the acquisition of shares of stocks of a troubled thrift bank.

The 35-page complaint named former congressman and Arroyo administration ally Prospero A. Pichay, Jr., Renato S. Velasco, Susana Dumlao Vargas, Bonifacio Mario M. Pena, Sr. and Daniel Landingin as respondents in a case for violations of the Manual of Regulations for Banks in relation to the Central Bank Act, Anti-Graft and Corrupt Practices Act and the Revised Penal Code for their alleged “direct and willful participation in facilitating the highly irregular and anomalous takeover and acquisition of the shares of stock of Express Savings Banc, Inc.(EXSBI), a financially troubled bank undergoing rehabilitation.”

EXSBI is a thrift bank based in Cabuyao, Laguna with an authorized capital stock of P100-million divided into one million common shares, according to the Department of Finance(DOF).

Read the full article at ABS-CBN News.