Bank in ‘DOSRI’ snafu using lawyers to silence media
THERE appears to be a disturbing trend in our country, one that is known for an outspoken and free media: if you don’t want bad press, shoot (or silence) the messenger.
This strategy has led to the closure of the country’s biggest broadcast network and is now apparently being used to intimidate members of the media who are simply doing their main job: reporting the news.
Pinoy Exposé was informed recently that letters from a well-known law firm addressed to editors and publishers have warned of “legal action” for previously reporting on alleged DOSRI (directors, officers, stockholders, and their related interests) violations committed by a major bank.
The complaint is now with the Bangko Sentral ng Pilipinas (BSP) and the complainant had also filed other cases in the regular courts, this paper learned.
The menacing letters were sent after at least two publications reported on the issue, which alleges that the bank approved and released DOSRI loans worth over P4 billion to its own officials and also failed to comply with the reportorial requirements for DOSRI loans, as mandated by the BSP.
According to the law firm, known for its work during Martial Law, members of the press must cease and desist from publishing articles related to the DOSRI complaint, or else.
The law firm claimed that the brewing scandal lodged with the BSP are confidential in nature and should not be disclosed to third parties; it also demanded the publications concerned to reveal their source of information, despite fully knowing that the demand is a breach of the ‘Sotto Law’ that protects the media from revealing their sources—unless ordered by the court or a committee of Congress and only on matters involving national security.
True enough, we have not heard since then from the BSP, the bank in question, nor the complainant.
But should the media be faulted for reporting on information that it obtains and is of interest to the public? Should they be dragged to court for doing their jobs?
After all, some of those involved are publicly-listed companies and investors have the right to be appraised of the goings-on if only to protect their investments.
We should all keep in mind that the regulator mandated to investigate the complaint––the BSP––has not communicated with any publication nor members of the press that have reported on the DOSRI issue.
In other words, the BSP has not issued a gag order to the media for violating its confidentiality rules, if indeed the matter is covered by them.
If the BSP itself is not calling out the press, why should this bank be allowed to use its expensive law firm to silence the Fourth Estate?
