Bank officials defy court order over P9-B funds


OFFICIALS of the Philippine National Bank defied a court order directing the bank to open its vault for retrieval of almost P9.2 billion worth of deposits owned by Philippine Merchant Hawaii Mining Company.

Thirty heavily armed security personnel of the of the PNB dared the members of the Pasay City Police attached to the sheriffs office to enter the PNB office along Macapagal Avenue despite the existence of a court order.

The police decided not to pursue the enforcement of the court order in order to prevent possible confrontation between the heavily armed security personnel of the bank.

The case stemmed when the PNB refused to acknowledge the existence of the Phil-Hawaii Mining and Industrial Corporation (PHMIC) account despite the certification issued by the Mizuno Bank of Japan Legal Department stating that a total of 1 billion Japanese yen was deposited at the account of PHMIC by Mikasa of Japan with the PNB last January 7, 1986.

The amount represents the investment of a certain Minoru Fukumitsu for the operations of PHMIC.

Lawyer Vic Millora, counsel for PHMIC stated that based on Court computations and taking into account that the said deposit was made on January 7, 1986, the court has computed it compounded per annum at the rate of ten percent per annum based on the PNB passbook, total amount due is now at P9.2 billion.

The PNB has refused to allow the company’s representative from withdrawing the amount and insisted that there was no deposit under the account No. 010-810939-4 of the complainant prompting the later to file the case before a Manila court.

After several court proceedings, the Manila RTC on December 26, 2012 decided that the argument of the PNP that there was no deposit under Account No. 010-810939-4 issued by Mikasa corporation in the amount of one billion yen is specious.

The Manila RTC in its decision also said that the certification issued by the Mizuho Bank is a clear persuasive proof that indeed PNB had received the said amount and “no argument can change the mind of this court as to who actually received the said 1 billion yen.”


Please follow our commenting guidelines.

Comments are closed.