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Bank of Commerce reacts to the Sandiganbayan’s decision ordering settlement by Royal Traders Holdings, Inc. (formerly Traders Royal Bank)

HomeNewsBank of Commerce reacts to the Sandiganbayan’s decision ordering settlement by Royal Traders Holdings, Inc. (formerly Traders Royal Bank)

October 28, 2021

Bank of Commerce (BankCom) notes the Sandiganbayan’s decision promulgated September 24, 2021 absolving the bank of any liability in line with the Amended Complaint filed by the Presidential Commission on Good Government (PCGG) which impleaded BankCom in 2005 in the case originally filed against Royal Traders Holdings Co., Inc. (formerly Traders Royal Bank) over the Marcos’ ill-gotten wealth. 

BankCom wishes to clarify that it remains a separate legal entity from Royal Traders Holdings, Inc. or its predecessor Traders Royal Bank (TRB), and has no connection with the TRB issued certificates subject of PCGG’s complaint. Likewise, at the time BankCom purchased identified assets and liabilities of TRB, the agreement expressly excluded all contingent liabilities that may arise from TRB’s pending litigation including claims of the Republic of the Philippines.  

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