Friday, July 29, 2011

Corporation Law Case Digest: Intengan vs Court of Appeals


CARMEN LL. INTENGAN, ROSARIO LL. NERI, and RITA P. BRAWNER, petitioners,
vs.
COURT OF APPEALS, DEPARTMENT OF JUSTICE, AZIZ RAJKOTWALA, WILLIAM FERGUSON, JOVEN REYES, and VIC LIM,
respondents.

G.R. No. 128996
February 15, 2002

Facts:
 
On September 21, 1993, Citibank filed a complaint for violation of section 31 in relation to section 144 of the Corporation Code against two (2) of its officers, Dante L. Santos and Marilou Genuino. Attached to the complaint was an affidavit executed by private respondent Vic Lim, a vice-president of Citibank

As evidence, Lim annexed bank records purporting to establish the deception practiced by Santos and Genuino. Some of the documents pertained to the dollar deposits of petitioners Carmen Ll. Intengan, Rosario Ll. Neri, and Rita P. Brawner.

In turn, private respondent Joven Reyes, vice-president/business manager of the Global Consumer Banking Group of Citibank, admits to having authorized Lim to state the names of the clients involved and to attach the pertinent bank records, including those of petitioners’.

Petitioners aver that respondents violated RA 1405.

Issue: 
 
Whether or not Respondents are liable for violation of Secrecy of Bank Deposits Act, RA 1405.

Held: 
 
No. The accounts in question are U.S. dollar deposits; consequently, the applicable law is not Republic Act No. 1405 but Republic Act (RA) No. 6426, known as the “Foreign Currency Deposit Act of the Philippines,” However, applying Act No. 3326, the offense prescribes in eight years, therefore, per available records, private respondents may no longer be haled before the courts for violation of Republic Act No. 6426.

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