Japanese tags Ogami as behind Unitrust caper

Blame Ogami. I just did what I was told.

This was the statement yesterday of Motohiko Hagisaka, executive vice president of the ill-fated Unitrust Development Bank (UDB), pointing to his boss Genta Ogami as the culprit in the multi-million peso loan scam.

"I only did what he (Ogami) said. It’s Japanese company style," he said in Nihonggo to a lady Japanese reporter who translated her interview to local newsmen covering the justice department.

Hagisaka went to the Department of Justice yesterday to face the swindling charges he and two others were charged with. But only he and UDB president Jose Apolinario Jr. attended the hearing. Winefredo Capilitan, president of G. Cosmos Phils. was absent.

But the hearing was reset by State Prosecutors Lagrimas Agaran and Irwin Maraya to April 3 after the lawyers of Apolinarino and Capilitan sought an extension to file their rebuttals to the charges filed by the Bangko Sentral ng Pilipinas.

The scheduled March 14 preliminary hearing was cancelled. Hagisaka’s co-respondents sought an extension while the Japanese national said he didn’t receive the notice yet. They will be filing their counter-affidavits on April 3.

Four of the witnesses presented by the BSP swore before Agaran to the authenticity of their affidavits, among them Unitrust board directors Marcelo Vasquez, Daniel Quilatan and Elmer Magpantay, and bank examiner Godofredo dela Paz.

The trio were held liable by BSP probers for violating banking laws when Ogami’s firm G. Cosmos Philippines and Capilitan obtained unauthorized loans amounting to P14 million last December.

BSP director Vicente Aquino told reporters the investigation on Ogami’s modus operandi is still ongoing but clarified they haven’t concluded yet as to the extent of culpability of the foreigner.

In this transmittal report to the DOJ, the BSP told prosecutors Capilitan obtained a P1 million personal loan last Dec. 19, or two days prior to his loan application, with Hagisaka "compelling" three UDB directors to approve the loan.

UDB directors Quilatan, Vasquez and Magpantay said there was no special meeting of UDB board and that "they were merely compelled by Hagisaka to sign the minutes of the meeting against their will."

They also testified that this was "not reported to the BSP." The proceeds of the loan, according to BSP probers, were "authorized to be released by Apolinario and Hagisaka."

The G. Cosmos board of directors a stockholder of UDB, meantime, authorized the firm to secure a P27-million loan from UDB. On the same day, Cosmos and Capilitan applied for and obtained a P13-million loan.

Hagisaka approved a manager’s check for P13 million to be released by Apolinario. The BSP held that this loan was "not approved by UDB board and not reported to the appropriate supervising and examining department of BSP."

Investigators said this should have been reported to the Department of Thrift Banks and Non-Bank Financial Institutions, they stated in their six-page transmittal report to Justice Secretary Hernando Perez.

The BSP claimed the trio violated "all the essential elements" of DOSRI loan (directors, officers, stockholders and related interests) which are stated in RA 8791 (General Banking Law of 2000) and RA 7653 (New Central Bank Act).