[ manilastandardtoday.com ] November 10, 2009
Bangko Sentral has acquired Evercrest Golf Club Resort, one of the many properties owned by Orient Bank chairman Jose Go, for P1.311 billion.
The central bank said in a statement released yesterday that it was the only bidder in the sheriff’s public auction sale of the golf club resort located in Nasugbu, Batangas.
Bangko Sentral plans to dispose of the property to pay creditors of Orient Bank and Go creditors, mainly the central bank.
Go and other Orient Bank owners would still have a balance of P5.2 billion owed the central bank even after the sale of Evercrest Golf Club Resort, the statement said.
The auction was held on Nov. 4 after the temporary restraining order on the sale issued by the Court of Appeals lapsed.
Manila Sheriff Crispin Dalangin of the Manila court set the auction sale that was earlier delayed after the Court of Appeals issued a restraining order. The Supreme Court, however, ordered the Manila court to prosecute Go last week for granting P2.7 billion worth of questionable loans.
The auction was conducted to pay for the P6 billion worth of obligations of Go and his companies to Bangko Sentral for the emergency advances and overdrafts obtained by Orient Bank.
Go, on behalf of his Gotesco Group of Companies, and his brothers, George Co Go and Vicente Co Go, together with Evercrest Golf Club Resorts and Megaheights, were ordered by the Manila court on Dec. 29, 2003 to pay Orient Bank’s obligations to the central bank, including a principal of P2.9 billion.
A Manila court ordered the execution against the assets of Go, Evercrest Golf Club Resort and Megaheights. Eileen A. Mencias
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