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Standard Chartered Bank

Standard Chartered Bank

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Published by: Beverly Jane H. Bulanday on Aug 24, 2010
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02/28/2014

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Standard Chartered Bank (Philippine Branch) vs. Senate Committeeon Banks, Financial Institutions and Currencies
FACTS:
Petitioner, Standard Chartered Bank, is an institution incorporated in England with limitedliability licensed to engage in banking, trust, and other related operations in the country. Itviolated RA 8799
1
for selling unregistered foreign securities. Senator Enrile
2
in his privilegespeech introduced a Resolution
3
to attend to the matter. The respondent-committee’schairperson Sen. Angara set an initial hearing to investigate in aid of legislation thereto.Respondent invited petitioners to attend the hearing and submit their written positionpaper. Petitioners, in response, submitted to respondent a letter stressing their position thatthere were cases already pending in court which involved the same issues that the respondent issubjecting to legislative inquiry. The petitioner thereby poses a challenge to the jurisdiction of respondent committee to continue the inquiry since there are cases of a similar subject filed incourt of which are still pending.Respondent still commenced the investigation. Its vice chairperson moved for the issuanceof a subpoena to those who did not attend the hearing.
4
Said motion was approved thereby thecause of a petition. Standard Chartered Bank, petitioned for a
TRO
to direct the SenateCommittee on Banks from:1.Proceeding with its inquiry pursuant to a Senate Resolution
5
2.Compelling the Bank’s officers to attend and testify before any further hearing called bythe respondent Committee3.Enforcing any Hold-departure order (HDO) and/or putting the petitioners on the Watch listPetitioner-Bank also prays that judgment be rendered annulling the
subpoena ad testificandum
6 
and
duces tecum
 
7
issued to them and prohibit the Committee from compelling them to appearand testify in the inquiry being conducted pursuant to the Resolution.
ISSUE(S):
Whether or not respondent committee acted without jurisdiction and/or acted with graveabuse of discretion amounting to lack of jurisdiction, purportedly in aid of legislation
1
Securities and Regulation Code.
2
He is the Vice Chairperson of herein respondent.
3
Resolution directs the Senate Committee on Banks to conduct an inquiry, in aid of legislation, into theillegal sale of unregistered and high-risk securities by petitioner-bank which resulted in billions of pesos of losses to the investing public
4
The Senate request the DOJ, through the Bureau of Immigration and Deportation, to issue a Hold-departure order (HDO) AGAINST THEM AND/OR INCLUDE THEM IN THE Bureau’s Watch list.
5
Said Resolution directs the Senate Committee on Banks to conduct an inquiry, in aid of legislation, intothe illegal sale of unregistered and high-risk securities by petitioner-bank which resulted in billions of pesos of losses to the investing public
6
A court summons to appear and give oral testimony for use at a hearing or trial.
7
A court summons ordering a named party to appear before the court and produce documents or othertangible evidence for use at a hearing or trial.

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