The suspension, which took effect last Monday, was meted out when the company vehicle which the bank has been trying to get back from a retired officer was found in the residence of the SVP.
Now, heres the dramatic part that took place over the weekend.
The SVP refused to give the car keys to the lawyer representing the bank (who was, of course, accompanied by the sheriff). The retired officer arrived at the SVPs residence shortly after, accompanied by two lawyers who physically blocked the car from leaving the garage.
Right now, the company vehicle is, uh, parked at the Department of Justice.
By the way, these luxury hotels, particularly the ones based in Makati, are currently offering corporate room rates (breakfast included) of between $65 and $95 for what would have cost $250 a night.
Although the son of Golden Arches chairman George Yang, the younger Mr. Yang drew washroom duty like everybody else in the early days of McDonalds in the country. Like all managers, the younger Mr. Yang also attended Hamburger University.
Filipino friends of Joe Lau would have to go to Thailand, where Mr. Lau now runs one of the biggest local fastfood chains (a la Jollibee Food Corp., which was founded by Tony Tan Caktiong and his brothers).
This conference is significant because it highlights the countrys accomplishments in improving corporate governance, both in government and the private sector.
And yes, even Jess Estanislao occasionally feels frustrated. This is because of the perception, both here and abroad, that "nothing good has come out of the Philippines."
Here are some of Mr. Estanislaos thoughts:
"Beyond orientation, we have already moved towards certification for the professional practice of corporate directorship;
"Beyond formulation of corporate governance improvement programs, we have already designed a corporate governance scorecard as a tool for tracking actual progress in corporate governance practices; and
"Beyond corporate boardrooms involving only corporate directors, we have moved towards involving various key professionals reputation agents of corporate governance in the systemic corporate governance improvement program for our economy."