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Ucpb Vs Egi
Ucpb Vs Egi
"io #$C%&' EGI v i(e) i*se(+ ,i*h *he c"e)i* + ci(i*ies +"o- UCPB *o +in nce i*s .usiness e/0 nsion. %o secu"e i*, i* -o"*1 1e)i*s con)o-iniu- inven*o"ies. Ini*i ((2, EGI , s .(e *o 0 2 i*s -o"*i! *ion .u* su.se3uen*(2 )e+ u(*e) )ue *o $si n C"isis. &u.se3uen*(2, *he 0e*i*ione" )ec( "e) *he "es0on)en* in )e+ u(* in i*s 2 (e**e"s sen* in 1998 n) 1999. $+*e" 1"eein1 *o *he v (u *ion o+ i*s 0"o0e"*ies, .o*h 0 "*ies *hen en*e"e) in*o -e-eo" n)u- o+ 1"ee-en*. %he "es0on)en*s )e(ive"e) i*s 0"o0e"*ies ssesse) *o *he 0e*i*ione" s 0 2-en* in +o"- o+ ) cion in 0 1o. $+*e" such, *he 0e*i*ione" in+o"-e) *he "es0on)en* o+ i*s . ( nce n) su.se3uen*(2 inc"e se) i* ))in1 *he e/0enses oncu""e). EGI *hen "evie,e) i*s )ocu-en*s ,i*h *he 0e*i*ione" n) +oun) *h * *he2 ("e )2 ove"0 2e) n) )e- n)e) *he 0e*i*ione" o+ "ei-.u"se-en* s cco")in1 *o *he in*e"n ( -e-o" n)u- o+ UCPB. U0on )en2in1 such .2 *he 0e*i*ione", *he "es0on)en*s *hen +i(e) co-0( in* .e+o"e B&P c( i-in1 *h **he 0e*i*ione" co--i**e) i""e1u( "i*ies in i*s *" ns c*ion ,i*h EGI n) co--i**e) vio( *ions un)e" Ne, Cen*" ( . n4 $c* n) Gene" ( B n4in1 5 , *h * *he . n4 is con)uc*in1 uns +e n) unsoun) 0" c*ice. $+*e" *he inves*i1 *ion - )e .2 B&P, i* )is-isse) *he s -e. EGI *hen 00e (s *o C$ n) *he ( **e" 1" n*e) such n) "e- n)e) i* . c4 *o B&P. UCPB *he +i(e) *his 0e*i*ion *o &C. I&&UE' 6he*he" o" no* *he )ecision o+ B&P 00e ( .(e *o C$. 7E58' &u0"e-e Cou"* )is-isse) *he Pe*i*ion. R$%I9' %"ue *h * no*hin1 in *he Ne, Cen*" ( B n4 $c* o" n2 o*he" ( ,s *h * *he )ecision o+ B&P is 00e ( .(e *o *he Cou"*s o+ $00e (s, *h * )oes no* -e n *h * C$ h s no :u"is)ic*ion *o "evie, i*s )ecision. $cco")in1 *o BP 129, *he C$ h s :u"is)ic*ion *o "evie, *he )ecisions o+ 3u si-:u)ici ( 1encies, in*s*"u-en* (i*ies, .o ")s o" co--ission n) *h * (*hou1h B&P is no* -on1 *he 3u si- 1enc2 *h * is enu-e" *e) in *he "evise) "u(es o+ civi( 0"oce)u"e, such , s no* e/c(usive. #u"*he"-o"e, (*hou1h *he s i) vio( *ions .2 *he 0e*i*ione" in *he s i) ( , n) co--i**in1 uns +e n) unsoin) 0" c*ices + ((in1 *he"ein, no*hin1 in *he s i) ( , *h * i* c nno* .e "evie,e) .2 *he cou"*.By
the Court of Appeals only acted in accordance with Republic Act No. !"# and Republic Act No. $ %&, which tas'ed the BSP, through the Monetary Board, to determine whether a particular act or omission, which is not otherwise prohibited by any law, rule or regulation affecting ban's, (uasi) ban's or trust entities, may be deemed as conducting business in an unsafe or unsound manner. Also, the BSP Monetary Board is the proper body to impose the necessary administrati*e sanctions for the erring ban' and its directors or officers.