The Supreme Court has upheld the Court of Appeals’ 2013 ruling that lifted the freeze orders on the bank accounts of businessman Roberto V. Ongpin, several officers of his real estate firm Deltaventure Resources, Inc., and officers of the Development Bank of the Philippines .
It also ruled that the freeze order on the bank account of Boerstar Corporation, another Ongpin-affiliated firm, will still be enforced.“Unfortunately, petitioner miserably failed to show that these accounts were related to the allegedly irregular loan transactions between Deltaventure and DBP, the predicate crime for which petitioner was authorized to commence freeze order and bank inquiry proceedings against respondents.
“WHEREFORE, the Petition for Review on Certiorari is DENIED. The May 7, 2013 Resolution of the Court of Appeals in CA-G.R. AMLC No. 00066 is AFFIRMED. The Freeze Order, except as to Boerstar Corporation’s Bank of Commerce Account No. 900000028241, is LIFTED. SO ORDERED.” Deltaventure, at the time of the transactions, had an authorized capital stock of P500,000 which was increased to P10 million, while its subscribed and paid-up capital amounted to P2.5 million and P625,000, respectively.
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