“An unjust law is itself a species of violence. Arrest for its breach is more so.” –Mahatma Gandhi
Not all who are arrested should have their mug shot paraded around for the rest of their life. A person may be arrested for murder despite acting in self-defense or as a means to protect their family; however, such “publicity” may bring about safety concerns. Perhaps a journalist is arrested for libel after exposing details about graft and corruption, yet their mug shot could be an inconvenience to them.
Being arrested does not mean guilty, it is merely a procedure where the accused is presented before a court and a judge decides on their ability to post bail.
This situation relates to the case of former Securities and Exchange Commission chairman Perfecto Yasay, Jr., who was arrested last week after being accused of violations to RA 7653, or The New Central Bank Act, by the Bangko Sentral ng Pilipinas (BSP).
Yasay has a sterling record in public service but the arrest has become a real embarrassment for him, his family, and his supporters.
He, along with five “associates” are being accused of “conspiring” to secure a P350 million from the now-shuttered Banco Filipino Savings and Mortgage Bank during the time they served as officers, from 2001 to 2009. The loan was allegedly borrowed by a certain company called Tierrasud Incorporated, which is owned by Tropical Land Corporation.
According to the report: “When the loan was granted, all accused failed to report such loan accommodation to the supervision of BSP and, despite of report of examination addressed to all accused instructing them to rectify such violation, failed to do the same.”
BSP claims Yasay and the other Banco Filipino officials “repeatedly violated several laws” including willful refusal to stop the conduct of unsafe, hazardous, and unsound banking practices; falsification and issuance of false statements to hide the true financial condition of the bank; willful refusal to file audited financial statements; willful refusal to report directors, officers, stockholders, and other related interest loans; along with 26 counts of willful refusal to comply with numerous banking laws and BSP directives.
I hope Yasay can emerge from this scandal. He is one of the only few remaining outstanding Ilonggo icons in national politics.
***
Alex P. Vidal, who is now based in New York City, used to be the editor of two local dailies in Iloilo./WDJ