Money

Aranetas want out-of-court settlement for LBC Bank’s P1.8B case

Is second time the charm?

Is second time the charm?

The Araneta family has apparently convinced the Philippine Deposit Insurance Corporation (PDIC) to enter into another round of negotiations over the P1.82-billion case filed by the government-run firm against the closed LBC Bank which they own.

In the Money-Go-Round column of journalist Victor Agustin, the LBC and PDIC lawyers have reportedly agreed to file a joint motion to suspend the proceedings of the trial before the Makati Regional Trial Court. The plan was to continue discussions for an amicable settlement, so says LBC Express chairman Miguel Angel Camahort.

Regulators shut down LBC Bank after it was found that it was providing sweetheart deals for assets owned by the Aranetas and its other businesses.

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