RCBC Denies Verotel Claims

Makati—(PHStocks)—Rizal Commercial Banking Corp. (PSE: RCB) and Bankard categorically deny the claims made by Verotel and believe the lawsuit is wholly without merit. The case is more than three years old, and it involves common commercial internet transactions that occurred over a decade ago.

RCBC and Bankard have filed appropriate defenses including the fact that the contract at issue was with a Filipino corporation, not a Netherlands company.

The inflammatory language in Verotel’s press release, as well as the fact that it was issued on the eve of trial more than three years after the case was commenced, demonstrate that it is an extortive attempt by Verotel to secure a settlement. It is disappointing that Verotel is resorting to trying to litigate this matter in the media. In fact, the statement in Verotel’s press release that the damages award in this case could reach $30 million is devoid of any factual or legal basis.

Because this is a pending litigation, RCBC and Bankard cannot comment further on the case; however, they look forward to defending this matter in court, and are confident they will prevail at trial.

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