Money

Aguiluz scores minor victory: CA stops AMA Bank liquidation

The Court of Appeals has enjoined the Bangko Sentral ng Pilipinas (BSP) and the Philippine Deposit Insurance Corp. (PDIC) from liquidating the assets of the banking arm of AMA Group of Companies businessman Amable Aguiluz.

The Court of Appeals has enjoined the Bangko Sentral ng Pilipinas (BSP) and the Philippine Deposit Insurance Corp. (PDIC) from liquidating the assets of the banking arm of AMA Group of Companies businessman Amable Aguiluz.

AMA Bank of Mandaluyong secured a 60-day temporary restraining order (TRO) from the CA.

In its petition with the CA, AMA Bank claimed that it was still liquid, citing the P405 million fresh capital infused by its shareholders as well asP246 million worth of deposits due from other banks.

“We assure our depositing public that the PDIC’s paramount commitment is to expedite the validation of bank records to be able to immediately pay the insured depositors of AMA Bank. We have in fact resorted to alternative procedures to do just that when the TRO was issued. We appeal to the depositors for their

AMA Bank was placed under receivership on Nov. 8 due to insolvency. As a result, its head office and all 10 branches were closed down.

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