Ongpin lawyer calls CA freeze order against client unjustified

Rodolfo Ma. Ponferrada, lawyer to businessman Roberto “Bobby” Ongpin, decried an order by the Court of Appeals that froze his clients bank accounts. The order was in relation to a controversial P660 million loan extended to Ongpin by the  Development Bank of the Philippines. Ponferrada said in a statement that the freeze order issued by the CA on Thursday, was "totally without basis and completely unjustified," and they will file the appropriate motion on Monday. He noted that under the applicable rules of procedure, Ongpin had 20 days within which to have the temporary order lifted. The DBP had given Ongpin a P660 million loan which the latter used to purchase Philex Mining Corporation shares of stock at P21 a share. He then sold the shares to businessman Manuel V. Pangilinan at higher price, earning Ongping a hefty P412.5 million profit. Ponferrada reasoned that to say the government was deprived of P412.5 million in trading gains had the DBP sold directly to Pangilinan rather than through Ongpin is purely speculative. "Then and now, DBP had no deal with Pangilinan. The negotiations were purely between Ongpin and ,Pangilinan. And at that time there were no assurances that a sale at the P21 price would be concluded," said the lawyer. "Even the Ombudsman, in its resolution of September 24, 2012, dropped all other graft charges. And to date, no criminal case has been filed against Ongpin in any court," he said. The Senate had also looked into the loan because of the allegedly trading losses to the DBP. Ponferrada said the freeze order is just "the latest salvo in a continuing pattern of prosecution” against Ongpin because of his ties with former First Gentleman Mike Arroyo. Ongpin was Minister of Trade and Minister of Industry during the presidency of Ferdinand E. Marcos. — Gian C. Geronimo/DVM, GMA News