Wednesday, February 8, 2012

PS Bank asks SC to stop release of Corona's alleged documents

The Philippine Savings Bank (PS Bank) has asked the Supreme Court on Wednesday thru its president to stop the Senate impeachment court from ordering them to release the alleged dollar accounts of Chief Justice Renato Corona.

PS Bank president Pascual Garcia III said in a petition for temporary restraining order (TRO) that the release of Corona's alleged bank accounts will violate existing privacy laws concerning foreign currency accounts.

Garcia said that the subpoena that they received from the impeachment court, if granted, would cause loss of income on the part of the bank and create a chilling effect on the whole banking industry.

The "arbitrary and whimsical" move of the impeachment court may alarm foreign depositors, according to the petitioners.

Aside from the PS Bank, the Bank of the Philippine Islands (BPI) has also been asked by the impeachment court to present the alleged Corona documents.

The prosecution team says Corona have deposited US$700,000 in 2008 in PS Bank.

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