Ex-DFA chief Yasay arrested for bank law violations

MANILA — The Manila Police District (MPD) on Thursday arrested former Foreign Affairs Secretary Perfecto Yasay Jr. in connection with the criminal charges allegedly committed by officials of Banco Filipino.

The MPD’s Criminal Investigation and Detection Unit (CIDU) agents served the arrest warrant issued by the Manila Regional Trial Court (RTC) around 3p.m. at Yasay’s residence in Barangay Poblacion in Makati City.

Makati RTC Branch 10 Judge Danilo Leyve ordered the arrest of the 73-year-old Yasay for several violations of Republic Act 8791 otherwise known as the General Banking Law and Republic Act 7653 otherwise known as the New Central Bank Act.

MPD reports said Yasay together with his five associates being the responsible officers of Banco Filipinos Savings and Mortgages Bank allegedly conspired sometime between years of 2001 to 2009 to secure a PHP350 million loan for Tierrasud Incorporated owned by Tropical Land Corporation.

“When the loan was granted, all accused failed to report such loan accommodation to the supervision of BSP and despite report of examination addressed to all accused instructing them to rectify such violation failed to do the same,” the report read.

In his Facebook account, Yasay clarified he only joined the bank in 2009, saying he would not post bail and instead would question “this abuse of process and travesty of justice.”

Yasay failed to hurdle the Commission on Appointments as DFA Secretary in 2017.