High Court issues TRO versus Go group in EPCI Bank squabble

The Supreme Court issued a temporary restraining order (TRO) yesterday enjoining 11 persons led by Antonio L. Go "from acting, claiming and/or representing" themselves as members of the board of directors of Equitable PCI Bank.

In the TRO issued by Acting Clerk of Court Ma. Luisa D. Villarama by authority of Chief Justice Hilario G. Davide Jr., the Supreme Court also directed Judge Sixto C. Marella Jr. of the Makati City Regional Trial Court from further proceeding with the case concerning the EPCIBank directors’ dispute.

Directed to stop from representing themselves as EPCIBank directors were: Antonio L. Go, John C. B. Go, Jonathan C.B. Go, Peter Go Pailian, Genevieve W. J. Go, Anthony F. Conway, Cesar Bau-tista, Antonio Basilio, Miguel E. Roca Jr., Ricardo Murillo and Nilo T. Divina.

The Supreme Court issued the order on the basis of a petition for certiorari, prohibition and injunction with prayer for a temporary restraining order and/or writ of preliminary injunction filed by EPCIBank.

The case stemmed from the general stockholders’ meeting of the bank held in Makati last July 19 in which a majority bloc representing 54 percent of the bank’s total issued shares elected a new board of directors headed by Ferdinand Martin Romualdez of Trans Middle East Phil. Equities Inc. as chairman. Also elected to the new board were Social Security System (SSS) president Corazon de la Paz and Government Service Insurance System (GSIS) president and general manager Winston Garcia, representing the two government pension funds that held more than 40 percent of the bank’s stockholdings.

However, the group headed by Antonio Go, former EPCIBank chairman, and Divina, held their own elections. It was this group that was issued a TRO by the Supreme Court to stop from acting as EPCIBank board members.

Meanwhile, Garcia assured the officers, personnel and depositors/clients that there will not be any disruptions nor changes in the bank’s present management plantilla.

"Government is not taking over. We have full confidence in the present professional management," the GSIS general manager said.

He added that the TRO will end the confusion on who and which is the legitimate board of directors of the bank.