BusinessMirror, 21 Nov 2008, Jun Vallecera
"Legislators claim the financial institutions created “dummy” corporations where they unloaded their soured assets, and, in the process, sanitized their books while availing themselves of the tax and registration perks.
According to the legislators, the abuse was not limited to local banks, as foreign banks formed their own dummy corporations to take advantage of the law, as well.
Such was the degree of the lawmakers’ suspicion they summoned the executives of the Philippine branch of the United Overseas Bank of Singapore (UOB) to a panel investigation.
UOB Philippines president and chief executive officer Emmanuel Mangosing appeared to answer the legislators’ questions in that hearing but did so only in executive session."
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