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Yasay arrested over violation of banking laws

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By Erma Edera

Former Foreign Affairs Secretary Perfecto Yasay Jr. was arrested on Thursday by the Manila Police District (MPD) on charges of violating the country’s banking laws.

Former Foreign Affairs Secretary Perfecto Yasay Jr. (Photo via Erma Edera)

Former Foreign Affairs Secretary Perfecto Yasay Jr. (Photo via Erma Edera)

Yasay, also a former chairman of the Securities and Exchange Commission (SEC), was arrested in his house on Century City Road, Barangay Poblacion, Makati City, at around 3 p.m. Thursday on the strength of an arrest warrant issued by Judge Danilo Leyva of Manila Regional Trial Court Branch 10.

But Yasay, in a Facebook post, said he will question the “abuse of process and travesty of justice.”

Based on the arrest warrant, Yasay is facing charges of violating Republic Act 8791, the General Banking Law, and Republic Act 7653, the New Central Bank Act.

According to the arrest warrant, Yasay and other five associates conspired in securing a Banco Filipino loan amounting to P350 million for Tierrasud, Inc. that was partly guaranteed and secured by real properties owned by Tropical Land Corporation.

But when it was granted, all accused allegedly failed to report the loan accommodation to the supervision of Bangko Sentral ng Pilipinas (BSP).

In the Facebook post, Yasay stated: “To all my friends, allow me to inform you that I am now being arrested from my house by police officers of Manila on the basis of a warrant of arrest issued by the RTC of Manila Branch 10 for criminal charges that were allegedly committed by officials of Banco Filipino from 2003 to 2006.”

“I am not posting bail until I am brought before the judge where I will question this abuse of process and travesty of justice,” he added.

Yasay is currently under the custody of the MPD Criminal Investigation and Detection Unit.

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