Saura Import v DBP

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Saura Import v DBP Uploaded by megpcastillo

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16 Cavite Development

1

of 1

 

Credit DIGEST Producers Bank

People v. Concepcion

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SauraImport&ExportCo.,Inc.vDevelopmentBankofthePhilippines *mejmaguloyungfacts.So…sorryifIcan’tm *mejmaguloyungfacts.So …sorryifIcan’tmakeitclearer.ButItried!!! akeitclearer.ButItried!!!

Facts: -

SauraIncappliedtotheRFC-RehabilitationFinanceCorporation(nowDBP SauraIncappliedtotheRFC-RehabilitationFinanceC orporation(nowDBP– – DevelopmentBankofthePhilippines)foranindustrialloanof500k However,beforetheloanapplication,Saurahadalreadypurchasedthej o millmachineryonthestrengthofaletterofcr millmachineryonthestrengthofaletterofcreditextendedbyPrudentia editextendedbyPrudentia o **TheproceedsoftheloanfromDBPwastobeappliedtoPrudential  butsincetheloandidnotproceed,Saurawasnotabletofulfillits obligationtoPrudential. - DBPpassedResolutionNo.145approvingtheloanapplicationwithspecificatio onhowtospendthemoney(construction,machinery onhowtospendthemoney (construction,machinery,workingcapital) ,workingcapital) - ResolutionNo.736:ReassessmentresultinginResolutionNo.3989reducingth loanto300k - Saura:500k,DBPdenied - DBPcancelled300k,inview DBPcancelled300k,inviewofthewithdrawalofChi ofthewithdrawalofChinaEngineersLtd.(Chin naEngineersLtd.(China a EngineerswasasignatorytotheoriginalRes145) - Sauraaskedforreinstatementof Sauraaskedforreinstatementof500k,withChinaEn 500k,withChinaEngineersassignatory gineersassignatory - ResolutionNo.9083restoredloanto500kwith2newconditions CertificationfromDeptofAgricultureandNaturalResources o  Uselocalrawmaterials - However,Sauracouldnotcomply However,Sauracouldnotcomplywiththeconditions(local withtheconditions(localrawmaterialswere rawmaterialswere available) - SauradidnotpursueandrequestedDBPtocancelthemortgage.DBPexecuted correspondingdeedofcancellationanddeliveredittoRamonSaura(President SauraImport)  Read Free Foron 30this Days Sign up to vote title - 7yearslater,SauraappliedforanotherloanwithDBPforanotherproject.DBP  NotSauraagainstDB useful denied.2yearslater,thisactionfordamageswasinstitutedby denied.2yearslater,thisactionfor damageswasinstitutedbySauraagainstDB  Useful  Cancel anytime. allegedlyfailingtoreleasetheloanproceeds. Special offer for students: Only $4.99/month.

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