Here’s why Luzon Development Bank remains tight-lipped on Andy Bautista’s money
As much as they are involved in the huge issue, they can’t say too many things.
Officials of Luzon Development Bank (LDB) have remained low-key and silent despite all the amounts and accounts being tied to Commission on Elections chairman Andres Bautista under its watch.
Bautista’s estranged wife Patricia Paz had come running to President Rodrigo Duterte to report what she thinks was close to P1 billion of illegal wealth under the poll chief’s name, with over P300 million allegedly deposited with the thrift bank owned by his friends, the Limcaoco family.
The Senate summoned LDB officials to a hearing on Wednesday, Aug. 23, but they were able to squeeze very few information from the bank executives. The reason: they are bound by the deposit secrecy law, which would penalize them should they divulge account information involving Bautista or any other depositor.
LDB lawyer Francis Lim said the bank is “in a bind” regarding the case as they had to uphold existing secrecy laws, however outdated they may be.
LDB can only open their mouths should Bautista sign a waiver allowing full disclosure of his bank records, but he has yet to issue one.