State commission opposes Allied Bank-PNB merger

THE Presidential Commission on Good Government (PCGG) said it will pull all stops to prevent the merger of Allied Bank with the Philippine National Bank (PNB), saying the move could jeopardize the government’s stake at the private bank.
PCGG Commissioner for Legal Affairs Gerard Mosquera said the commission has asked the Securities and Exchange Commission (SEC) and the Bangko Sentral Pilipinas (BSP) to do everything to prevent the merger.
In a letter to SEC chair, Teresita J. Herbosa and BSP Governor Amado Tetangco, Mosquera said the commission’s opposition to the proposed merger of the two banks is anchored on the following grounds: non-compliance with Section 77 of the Corporation Code, violation of Section 2 of Executive Order 2 series of 1986, and absence of specific approval from the Sandiganbayan.
Mosquera said Section 77 of the code provided that the merger should have approval by majority vote of the Board of Directors or Trustees of the corporation, which should be submitted for approval by the respective stockholders or members of the said corporations
The same law mandated that notice, either personally or by registered mail, shall be given to all stockholders for the said purpose two weeks prior to the date of the meeting.
The affirmative vote of stockholders representing at least two thirds of the outstanding capital stock of each corporation is needed for the approval of the merger while Section 2 of EO 2, “prohibits any person from transferring, conveying, encumbering or otherwise depleting or concealing such assets” that are the subject of litigation.
The PCGG official expressed belief that the absence of specific approval from Sandiganbayan, on the other hand, “will compromise the ability of the GRP (government of the Republic of the Philippines) to recover the subject Allied shares and will constitute a deprivation of the GRP’s right to property without due process of law.”
“The shares of stock owned by Mr. Lucio Tan and other principal stockholders of Allied Bank are presently under litigation and are the subject matter of an action for reconveyance pending before the Sandiganbayan,” Mosquera’s letter read.
“The PCGG is seeking the recovery of the shares of stock in Allied Bank on the ground that this is part of the ill-gotten wealth (of the late dictator, former President Ferdinand Marcos which was acquired through Lucio Tan when he acquired General now known as Allied Bank),” Mosquera said.
“To allow the merger involving shares which are under litigation is not only un-procedural, it infringes upon the substantive right of the GRP to recover ill gotten wealth,” he said.
He stressed that “at the very least, the merger should be held in abeyance until judgment in Civil Case 005 is rendered and attains finality.”
Allied Bank is about 75 percent controlled by Tan. He also controlled about 67 percent of PNB, which has a total assets of P240 billion.
The official admitted that the government would have a hard time recovering its Allied shares if the merger is allowed since the PNB, if the latter is the surviving entity, could argued that it was not the subject of a pending case.
At the same time, he said no government representative has ever sat on the board of Allied Bank.
The merger talks started in 2008 though it has not yet to materialize after being subjected to legal proceedings at the Sandiganbayan. (AH/Sunnex)

Source: http://www.sunstar.com.ph/manila/local-news/2012/03/05/state-commission-opposes-allied-bank-pnb-merger-209608

Companies in Manila travel out of town for a short getaway to hold their events and function outside of the city in the north. Many companies choose Clark in Pampanga because of its safety record. Clark is home to some of the best golf courses in Pampanga. Although golf continues to be one of the reasons why visitors from Manila travel to Pampanga, residents of Angeles City, Subic and Bulacan travel to Clark not just to play golf in one of the best golf courses in Pampanga but also to relax and unwind in the best resort in Philippines.

Clark offers some of the best outdoor venues for company outings in Pampanga, Angeles City and Subic. Being so accessible from Manila via the North Luzon Expressway, Clark Philippines is exceptionally convenient for all sorts of events and picnics. Each year, many company events like team building, corporate planning, outings and awarding ceremonies are held in resorts like Clearwater Beach hotel located in the central business district of Clark Pampanga.

Although Clark is not revered for fancy ballrooms and stuffy function rooms, there are many options for meeting and conference facilities. Companies travel out of town from Manila heading north to Pampanga typically look for meeting facilities within leisure and recreational areas. More and more companies mix in a good amount of activities in the program to help participants unwind and relax in between sessions.

Clearwater is a highly recommended and most frequently visited private resort in Pampanga. This Clark hotel is a famous private resort outside Manila for corporate planning because of its exclusivity. Although the function rooms for planning and meetings are simple and basic, the surrounding gardens and ambience more than make up for what it lacks in lavish interior decoration.

New camping sites and picnic grounds in Philippines are now added to Clark for family outings in outside Manila. The best campsites are located at Yats Clearwater Resort & Country Club in Pampanga Angeles City Clark Philippines. Just bring camping equipment and enjoy the fun and ambience of outdoor living camping in Clark under safe, secured and clean conditions. Outdoor activities include swimming and water sports, boating and paddling a kayak, lawn tennis, golf, shooting range and all sorts of leisure activities including colonial games like croquet and horseshoe.

For reservations, comments and inquiries,

Clearwater Resort & Country Club
Creekside Road corner of Centennial Road,
Central Business District, Clark Freeport Zone,
Pampanga, Philippines 2023

Tel: (045)599-5949 0917-520-4403 0922-870-5177

Manila Sales Office
3003C East Tower, Phil Stock Exchange Center,
Exchange Rd Ortigas Metro Manila, Philippines 1605
(632) 637-5019 0917-520-4393 Rea or Chay

http://www.ClearwaterPhilippines.com

Email: Inquiry@ClearwaterPhilippines.com

Getting to this hotel in Clark Philippines
After entering Clark Freeport from Subic, Manila, Dau and Angeles City, proceed straight along Clark’s main highway MA Roxas, passing Clark’s largest wine shop called Clark Wine Center on your right, continue to bear right making no turns at all, go past Mimosa Leisure Estate on the opposite side of the road, you will hit a major intersection. Go straight and the road becomes Creekside Road. YATS Clearwater Resort and Country Club is on your right just 200m down. Traffic in Clark Philippines is light so it should be quite easy for get to this hotel in Clark Philippines.

For inquiries and bookings, click here to contact Clearwater Resort now

Wedding couples looking for wedding reception venues and beach wedding venues can log on to this Philippines Wedding Venue web site for free information and assistance:

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While in Clark, it might be a good idea to enjoy an evening of wine-and-dine in the fine dining Yats Restaurant and Wine Bar that features an award winning 2700-line wine list. It is located in Mimosa Leisure Estate of Clark Freeport Zone. For more information, visit http://www.YatsRestaurant.com

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While in Clark, one might as well add to the itinerary a visit to the famous Clark Wine Center, the largest wine shop in Philippines which offers over 2000 selections of fine vintage wine from all wine regions, vintages spanning over 50 years covering all price ranges.
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Looking for famous tourists spots, places to visit and see, relax and unwind in Clark, Pampanga, Philippines? You may want to check out these sites also:

http://www.LondonPubClark.com

http://www.HotelClarkPhilippines.com

http://www.ClarkPhilippines.com

http://www.YatsWineCellars.com

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