A PASAY regional trial court has ordered the
United Coconut Planters Bank (UCPB) to pay real estate developer
E. Guanzon Inc. (EGI) more than P1 billion after defrauding it
of some P444 million in a padded loan transaction between 2000
and 2001.
Judge Jesus Mupas said the P1,070,719,368.50
was for UCPB’s breach of contract when it defrauded EGI of
P444,381,170.70 in overpayments.
The case stemmed from a P720 million loan EGI
contracted and later failed to pay, forcing it to enter into an
agreement with the bank to repay the loan with properties. The
court said UCPB bloated EGI’s loan accounts and collected from
it a total of P1,190,494,044.88.
The court said that by misleading EGI into
believing that it still owed the bank money, the foreclosure and
the dacion en pago allowed UCPB to gain control of EGI-owned
assets including condominium units at the EGI Rufino Plaza Bldg.
in Pasay and furnitures, fixtures and other movables inside
whose combined worth was P400 million more than what the company
originally owed.
The court said UCPB’s continued refusal to
produce in court the documents related to EGI’s credit accounts
despite the passage of seven years since the foreclosure can
only lead to the conclusion that it was hiding these documents
because they are damaging to its interest.
Mupas told the bank to pay EGI
P158,378,177.82 in excess foreclosure proceeds plus 12 percent
interest per annum from April 13, 2000 until full payment;
P166,127,368.50 in dacion in pago payments plus 12 percent
interest per annum from may 8, 2001 until full payment;
P32,296,77.78 for repossessing movables, furnitures, fixtures
and other equipment plus 12 percent interest from April 13, 2000
until full payment, P 87,578,846.60 for repossessing 28
condominium units in EGI Rufino Plaza plus 12 percent interest
until full payment; P1.55 million in court filing fees, P30
million in moral damages, P10 million in exemplary damages and
attorney’s fees equivalent to 10 percent of all amounts due the
plaintiff.
Bank officers Lorenzo Tan, UCPB’s former president; Jeronimo
Kilayko, UCPB chairman; Virgilio Jacinto, corporate secretary;
UCPB first vice president Enrique Gana; UCPB vice president
Jaime Jacinto, and assistant vice president Emily Lazaro were
also charged in a criminal case filed in 2001. – Ashzel
Hachero
