Ongpin resigns from PBCom

Posted at 01/02/13 11:32 AM

MANILA, Philippines - Businessman Roberto V. Ongpin has stepped down as director and co-chairman of the Philippine Bank of Communications, the bank said in a disclosure on Wednesday.

The bank said the former Trade Minister delivered his resignation letter last December 28.

PBCom added Ongpin has said his resignation takes "immediate effect."

Ongpin's group took over the bank in 2011, after acquiring a 97.28% stake in PBCom for P4.68 billion.

Aside from being chairman at PBCom, Ongpin currently sits as chairman and chief executive officer in the following firms: Philweb Corp., ISM Communications Corp., Alphaland Corp., and Atok-Big Wedge Co., Inc.

He is also involved in other listed companies, namely, San Miguel Corp., Ginebra San Miguel, Inc., and Petron Corp.

In December, the Court of Appeals has ordered a temporary freeze on about 100 bank accounts linked to Ongpin at the request of the Anti-Money Laundering Council, Reuters reported.

Ongpin is being investigated by a Senate committee on accusations the tycoon obtained behest loans amounting to P660 million from the Development Bank of the Philippines.