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LBC ACCOUNTS GARNISHED

January 10,2016 - 11:10 PM

Courier and remittance group LBC Express is bracing for administrative and operational challenges as the garnishment of its bank accounts started last week in line with a P1.8-billion collection claim filed by the state-controlled Philippine Deposit Insurance Corp. (PDIC).

The Regional Trial Court of Makati branch 143 recently issued a writ of preliminary attachment against LBC Express and its parent company LBC Development Corp. in relation to the civil case filed by PDIC.

In a disclosure, LBC Express’ parent firm LBC Express Holdings Inc. reiterated that there had been “no immediate material impact” on the group’s business operations.

LBC Express said it continued to exert utmost effort to fully attend to the needs of its customers and ensure regular ongoing operations.

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