Former Foreign Affairs chief Yasay nabbed for alleged violation of PH banking laws
Credit to Author: Tempo Desk| Date: Thu, 22 Aug 2019 11:11:38 +0000
YASAY mugshot (FB photo)
Former Foreign Affairs Secretary and former chairman of the Securities and Exchange Commission Perfecto Yasay Jr. was arrested by members of the Manila Police District yesterday for alleged violation of the country’s banking laws.
A police report showed Yasay was arrested in his house on Century City Road, Barangay Poblacion, Makati City at around 3 p.m.
Yasay was charged for violating Republic Act 8791, the General Banking Law, and RA 7653, the New Central Bank Act, the arrest warrant issued by Judge Danilo Leyva of the Manila Regional Trial Court Branch 10 showed.
The warrant of arrest showed Yasay and other five associates conspired in securing Banco Filipino loan amounting to P350 million for Tierrasud Incor. which was partly guaranteed and secured by a real properties owned by Tropical Land Corp.
However, when the loan was granted, all accused failed to report the transaction to the supervision of Bangko Sentral ng Pilipinas.
“To all my friends, allow me to inform you that I am now being arrested from my house by police officers of Manila on the basis of a warrant of arrest issued by the RTC of Manila Branch 10 for criminal charges that were alleged committed by officials of Banco Filipino from 2003 to 2006,” Yasay said in a Facebook post.
“I am not posting bail until I am brought before the judge where I will question this abuse of process and travesty of justice,” he added.
Yasay is now under the custody of the MPD Criminal Investigation and Detection Unit. (Erma Edera)