DOJ rules that sale of SSS equity in Equitable is legal

By Jomar Canlas

Oct 16, 2004 4:34 am

THE Department of Justice on Friday issued an advisory upholding the legality of the bidding that authorized the sale of the Social Security System equity stake in Equitable-PCI Bank.

In a five-page legal opinion of Justice Secretary Raul M. Gonzalez, he cited a previous opinion issued by the department on the propriety of using the Swiss Challenge format on public bidding.

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