Saturday, August 24, 2013

A scandal involving PNB

PNB is the Philippines National Bank. How could a single man own a government owned bank? This bank which used to be a government depository and official bank has amazingly transformed into a personal bank of one Lucio Tan, a well known crony of the Marcoses and a friend of the the Ramos administration. The PNB has merged with Lucio Tan's Allied Bank and which led to financial problems for PNB to stay afloat.

I was surprised today that a friend shared the following video posted by Al G. Portolaso in Facebook,

Karen Hudes (former employee of World Bank) says: " another case, I was reporting corruption in The Philippines. NINE HUNDRED MILLION DOLLARS (US$900,000,000.00) worth of money that should have gone to fight poverty in The Philippines instead went to a corrupt man, LUCIO TAN, who was in default of his loans. (The) Philippine National Bank went into default.....

I am pausing now and I will expand further on this post.



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