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Article: GSIS, SSS deplore P2.9-B lost income in EPCIB.(Business)
- Article from:
- Manila Bulletin
- Article date:
- July 9, 2005
CopyrightCOPYRIGHT 2005 Manila Bulletin Publishing Corp. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The Government Service Insurance System and the Social Security System have lost P2.96 billion in unearned income from their investment of P16 billion in the Equitable-PCI Bank (EPCIB) because of alleged manipulation of the banks finances by an "artificial majority" in the board of directors.
To correct this anomaly, GSIS president and general manager Winston Garcia has filed criminal charges against five members of the banks directors, including its chairman, Antonio Go.
GSIS has also served notice that it would claim two seats in the banks board of directors on the strength of the GSISs investments in the bank.
A large group of concerned GSIS ...