UCPB denounces court order to pay P1.5B to developer

The United Coconut Planters Bank (UCPB) has denounced the decision of the Pasay City Regional Trial Court ordering it to pay a real estate developer about P1.5 billion for allegedly padding its loan obligations.

In a statement, UCPB said “all its actions pertaining to the case have been appropriate and legal.”

The bank also said it had been successful in two other proceedings initiated by E. Ganzon Inc. (EGI), namely, a criminal case against UCPB for other deceits, and an administrative case before the Bangko Sentral ng Pilipinas (BSP) for violations of pertinent banking laws.

The Pasay RTC ruled in favor of EGI.

The court ruled that EGI’s debts were already fully settled and UCPB had to return the excess in foreclosure proceeds, plus 12 percent interest from April 13, 2000; P166.13 million in dacion en pago payments, plus 12 percent interest from May 8, 2001; P32.3 million for the value of repossessed furniture, plus 12 percent interest from Apr. 13, 2000; and P87.58 million for the 28 additional condominium units turned over to UCPB’s custody, plus 12 percent interest from April 13, 2000.

On top of this, UCPB was ordered to pay P70 million in damages and reimburse court filing fees and attorney’s fees.

UCPB said it had already filed a motion for reconsideration before the Pasay court./rga