DBP-Ongpin-Philex controversial deals detailed Sri Lanka

  • DBP-Ongpin-Philex controversial deals detailed Sri Lanka
  • DBP-Ongpin-Philex controversial deals detailed Sri Lanka
  • DBP-Ongpin-Philex controversial deals detailed Sri Lanka
  • Did Ongpin buy Philex shares?
  • In essence, Ongpin had obtained a loan from DBP and used it to buy the bank’s Philex shares. The transaction deprived the government bank of an opportunity to make a profit of P412.4 million had it been the seller of the Philex shares, DBP said in the complaint.
  • Did DBP sell Philex shares to deltaventure?
  • Further, Ongpin, et al. maintained that DBP sold its 50,000,000 Philex shares to Deltaventure at a profit. DBP had earlier acquired the shares at ₱5.07 per share but was able to sell them at ₱12.75. Thus, they said that in selling its Philex shares to Deltaventure, DBP actually earned ₱384,000,000.00, causing no undue injury to the government. 67
  • Why did dvri buy Philex shares from DBP?
  • DBP’s loan was initially considered irregular since the borrower, Ongpin-led Delta Ventures Resources Inc (DVRI), used the proceeds to purchase the Philex shares of DBP, the lender. A month after–on December 2009–Ongpin included those DBP-owned Philex shares when he sold all his stocks in the mining firm to the group of Pangilinan.
  • Could Ongpin have earned p412 million if goldenmedia sold Philex shares?
  • Petitioner insists that respondent Ongpin could not have earned P412,500,000.00 from Goldenmedia's sale of its Philex shares to Two Rivers had it not been for DBP's grant of the P510,000,000.00 credit line. It particularly says:
  • What happened between DBP & Ongpin?
  • Senator Osmeña said that two Senate committees were conducting a joint investigation on allegedly suspicious transactions involving DBP and Ongpin, who was Ashmore's representative in the Philippines. Alluded to were block sales involving several publicly listed companies, including Philex, Goldenmedia, and Deltaventure. 41
  • Did goldenmedia buy Philex shares?
  • On the same day, Goldenmedia sold to Two Rivers 123,221,372 of its Philex shares, which included the 50,000,000 Philex shares Goldenmedia had earlier acquired using the proceeds of Deltaventure's loan from DBP.

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