WHAT WENT BEFORE: Globe Asiatique-Pag Ibig Fund controversy | Inquirer News

WHAT WENT BEFORE: Globe Asiatique-Pag Ibig Fund controversy

/ 02:33 AM August 30, 2011

In August 2010, the Inquirer published a two-part special report on alleged irregularities in Pag-Ibig Fund loan transactions involving Globe Asiatique’s Xevera housing projects.

The report quoted documents showing that Globe Asiatique had taken out as much as P6.6 billion in loan proceeds for close to 9,000 units in its Xevera projects in Bacolor and Mabalacat, Pampanga, between March 2008 and May 2010.

Pag-Ibig officials, however, found that several of the loans were spurious, with the listed borrowers denying having availed of the housing loans.

Article continues after this advertisement

As of June 30, 2010, Pag-Ibig had tallied more than 800 allegedly fake members in Globe Asiatique accounts. Globe Asiatique had also passed off people ineligible for Pag-Ibig membership as “buyers” of its townhouses, according to Pag-Ibig.

FEATURED STORIES

On Sept. 6, 2010, the Ombudsman formed the six-member “Task Force Pag-Ibig” to investigate the irregularities and determine “whether laws or regulations were violated, and file criminal and administrative charges, if necessary.”

On the same day, Globe Asiatique withdrew its P3.4-billion initial public offering following the resignation of its underwriter, BDO Capital and Investment Corp., after reports of its allegedly questionable loan transactions surfaced.

Article continues after this advertisement

Delfin Lee, president of Globe Asiatique, denied all the allegations.

Article continues after this advertisement

The Senate conducted an investigation of the controversy.

Article continues after this advertisement

On Aug. 24, the Department of Justice approved the filing of a syndicated estafa case against Lee, his son and three associates. Almi M. Ilagan, Inquirer Research

Source: Inquirer Archives

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

TAGS: Bacolor, Mabalacat, Pag-Ibig Fund, Pampanga

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our newsletter!

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

© Copyright 1997-2024 INQUIRER.net | All Rights Reserved

This is an information message

We use cookies to enhance your experience. By continuing, you agree to our use of cookies. Learn more here.