The LBC Group of the Araneta family appealed the P1.8-billion collection case filed by government-owned Philippine Deposit Insurance Corp. after the Makati court garnished more assets and stocks owned by company.
LBC Express Holdings Inc. said in a disclosure to the stock exchange LBC Express Inc. and LBC Development Corp. filed an appeal to lift the court’s writ of attachment and hold PDIC liable for any damages suffered by the group following the garnishment order.
LBC Development is the parent company of the listed LBC Express Holdings, which in turn owns LBC Express Inc.
LBC Express also reported that the court garnished another six bank accounts it owned with a combined balance of P6.9 million.
The Makati court sheriff early this month garnished six bank accounts of LBC Express with a combined balance of P9.976 million.
About 1.2 billion LBC Express shares owned and registered in the name of LBC Development, in addition, were tagged in the records or system of Rizal Commercial Banking Corp.’s stock transfer processing section, following a notice of garnishment from the Regional Trial Court, Branch 143 of Makati City.
LBC Express said no stock certificates covering the shares of LBC Development were delivered or surrendered to the court sheriff as the stock transfer agent was not in possession of them.
“However, as a consequence of such tag, any transfer of said shares by LBC Development Corporation may not be registered in the records or system of the stock transfer agent, unless and until the writ of attachment is lifted, quashed or discharged,” LBC Express said.
The LBC Group, which is engaged in the courier and remittance business, is facing a P1.8-billion claim filed by PDIC in relation to the shuttered LBC Development Bank.
PDIC, the appointed receiver and liquidator of LBC Development Bank, wants to claim P1.8 billion worth of “unpaid service fees” from the defendants.
LBC Development Bank, a 20-unit thrift bank of the Araneta group, in September 9, 2011, was ordered closed by the Monetary Board of the Bangko Sentral ng Pilipinas and placed under the receivership of PDIC.
PDIC in September last year filed syndicated estafa charges against former officials and employees of LBC Development Bank for misappropriating P60 million in the bank’s funds generated from the public in the form of deposits.