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Shuttered taxi operator takes Frederick Dy, Security Bank board to court for alegedly violating BSP, Bayanihan rules: Bank account closed ‘arbitrarily’ leaving 120 drivers jobless

A German airport taxi operator is suing bilyonaryo Frederick Dy and other directors of Security Bank for forcing the shutdown of his business after the bank allegedly closed his company bank account in the middle of the pandemic.

Rolf Reinhard Rudolf Wiltschek, president of JRCD Subic Transport, has launched a Facebook campaign to highlight the complaint he filed against for violating the regulations of the Bangko Sentral ng Pilipinas and provisions of stimulus bills Bayanihan to Heal as One and the Bayanihan to Recover as One Acts of 2020.

Aside from Dy, the other Security Bank directors named in the investigation data form filed with the Makati Prosecutor’s Office by Wiltschek are Albert Villarosa, Anastasia Dy, Alfonso Salcedo Jr., Diana P. Aguilar, Cirilo P. Noel, Takashi Takeuchi, Hiroshi Masaki, Sanjiv Vohra, Philip Ang, Gerard Brimo, Enrico Cruz, James J. K. Hung, Jikyeong Kang, and Napoleon Nazareno.

In his affidavit, Wiltschek said JRCD sought the clearance of the Land Transportation Franchising and Regulatory Board (LTFRB) to shift his fleet of 50 cars (30 units under financing) from airport or tourist transporter to regular taxicab operations until the government has allowed airlines to resume full operations.. But the LTFRB denied JRCD’s petition because it could not submit the OR/CR (official receipt/certificate of registration) of its cars held by Security Bank-SBM Leasing.

“SBM Leasing didn’t release the document and they were calling us in default…we later found out that Security Bank, where we had the account for this loan had deducted us below minimum balance fees until the account went negative and they closed the said account automatically,” he said.

“Our petition was denied, our transport business is dead, and the income of our regular employees and about 120 drivers who benefited from this type of work for their families,” Wiltschek said.

Wiltschek said he sent a demand letter to Security Bank president and CEO Vorha on 6 October 2020 but his office merely replied with an email stating that the JRCD account was closed “due to auto systems for closure of bank certification with reason” in the middle of the pandemic.

Wiltschek Security Bank’s refusal to give him due process was in violation of Bangko Sentral ng Pilipinas regulations which gave borrowers up to 30 days to “cure” or catch up on their late interest payments.

He said the bank also defied the Bayanihan laws signed by President Duterte to give distressed companies financial relief during the lockdown meant to contain the spread of COVID-19.

“Our company suffered too much damage caused by the COVID-19 pandemic, which added the burden of non-operation for seven months die to limited flights…and restrictions that were being implemented by IATF (Inter-Agency Task Force),” Wiltschek said.

Wiltschek said Security Bank replied to his complaint to the BSP on November 2020 in which it “made a clear admission of guilt.” Wiltschek said Security Bank decided to address his complaint only after” the damage has been done with its “outright automatic closure of our bank account.”

“If Security Bank immediately or promptly approved our request, our business would have been operating continuously,” he said.

In a statement sent to Bilyonaryo.com.ph, the bank said: “Security Bank is aware of the complaint raised by JRCD, and the Bank has promptly responded to the BSP. The bank wishes to clarify that JRCD has no loan with Security Bank.”

“To protect the interests of the parties involved, we are unable to disclose additional information relevant to the matter. Rest assured, Security Bank continues to abide with fiscal measures set by the government towards economic recovery,” it added.

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