RTC: 28 more days for BDO

(CDN PHOTO/JUNJIE MENDOZA)

THE Banco de Oro (BDO) Unibank was granted by the Regional Trial Court (RTC) a 28-day extension of its order for a Status Quo Ante on the operations of the bank.

This developed after the bank management sought the court’s help after Cebu City Mayor Tomas Osmeña threat to close the bank because of alleged tax fraud.

In yesterday’s continuation of the petition for mandamus filed by BDO against the Cebu City government and Mayor Osmeña, RTC Branch 18 Presiding Judge Gilbert Moises again called for a closed-door chamber conference with the lawyers of BDO, City Hall and Mayor Osmeña.

After deciding on the extension, Moises also directed the city government to formally communicate with BDO about the additional documentary requirements they would need to assess the bank’s application for a business permit.

Another hearing was set on March 21.

“The judge is encouraging the parties to talk, to come up with an agreement. And that’s it. We’ll see,” said Alvin Go, one of BDO’s lawyers.

Go added that they also asked what documents the city is asking from the banks in relation to their business permit application with City Hall. He added that as far as they’re concerned, they have complied with all needed requirements already.

“But it seems they need more documents. We are asking what those documents are,” he said.

On the other hand, City Legal Officer Joseph Bernaldez said the extension of the status quo order is upon the agreement of both parties in the presence of the judge during their chamber conference.

Meanwhile, Mayor Osmeña said that investments are welcome in Cebu City.

He claimed that he was not running after investors but he was only implementing the law and protecting businessmen, who paid their taxes.