PDIC claims misleading as all bank documents were seized –AMA Bank

The AMA Rural Bank called the Philippine Deposit Insurance Corporation (PDIC)'s allegations against them "misleading" as neither employees nor bank officers were allowed access to bank documents after AMA RB's closure, according to a Saturday statement.

"Contrary to the misleading statements of PDIC during its media conference, all the records, documents, and assets of the bank were seized and sealed by PDIC and no officer or employee of the bank was allowed to touch any of the bank documents," the AMA statement said.

"Since PDIC terminated all officers and employees of AMA Rural Bank and prohibited its directors and stockholders from interfering with the PDIC takeover, the bank was prevented from properly turning over its books, records, and assets to PDIC."

The PDIC could thus not blame them for the consequences of the abrupt cessation of the bank's operations which effectively prevented the accounting of bank documents, records and assets, which were essential to settling depositors’ claims.

Nevertheless, the bank's representatives were scheduled to meet with PDIC counterparts to facilitate a resolution to the matter.

The PDIC had earlier claimed that employees of the AMA RB refused to turn in their individual accountability records, and they had yet to comply with the PDIC's orders. 

About a week has passed since the PDIC took over AMA RB after the Monetary Board, the policy-making body of the Bangko Sentral ng Pilipinas, ordered the bank's closure on November 7. — Angelica Y. Yang/DVM, GMA News