City approves extra storm shelters for Pratt City apartments

PRATT CITY, AL (WBRC)- Pratt City will spend an additional $235,000 on a new senior living apartment development in order to add storm shelters to the project.

Tuesday, the Birmingham City Council approved the extra money, which will provide a storm shelter for each of the more than 40 apartments.

The original plan called for one large community shelter, but city officials felt that some of the residents might have trouble getting to that shelter in time.

Whatever health safety and welfare for our citizens that we can provide, we need to do that. This could become an example for the rest of the country in terms of how you protect your people. Theres no price on that, Councilor Carole Smitherman said.

The development is expected to open next year.

Copyright 2012 WBRC. All rights reserved.

Finance raps two officials for misdeclared asset statements

The Revenue Integrity Protection Service of the Finance Department has filed before the Ombudsman cases against a revenue officer of the Bureau of Internal Revenue and an official of the Bureau of Customs because of misleading information they included in their statements of assets, liabilites and net worth.

The officials were identified as Customs Operations Officer III Jose P. Dimatulac of the BOC and Revenue Officer I Noviemae B. Sibbaluca-Singson of the BIR.

Dimatulac was charged of providing illusory information in his SALNs regarding real and personal properties.

Based on Dimatulac’s SALNs filed for the years 2001 to 2010, he claimed to have acquired through installments his house and lot in Parañaque City in 1992, but investigators found that the property was actually a subject of a Deed of Donation on June 10, 1992, between the respondent and spouses Artemio and Lucia Diaz.

Dimatulac, who hails from San Fernando, Pampanga, also claimed that he acquired through inheritance a residential lot in Pampanga in 2003, but the San Fernando City Treasurer’s Office verified that there were no records of real property and business tax payments from Dimatulac, his spouse, or son.

The Provincial Assessor also certified that there were no existing real properties registered under Dimatulac and his family.

Dimatulac likewise left out in his SALNs his spouse’s one-storey commercial building at Ninoy Aquino Avenue in La Huerta, Parañaque City although a tax declaration identified his spouse Maria S. Dimatulac as the owner.

As for Singson, probers claimed that she declared only three parcels of land located in Cagayan Province, but there were actually four parcels of land registered under her name, all located in Dodan, Peñablanca, Cagayan, which consisted of two cornlands, a fruitland, and a residential lot.

Moreover, Singson declared in her 2010 and 2011 SALNs that she acquired thru sale a conjugal house and lot in Manila for P900,000, but a concerned citizen provided a copy of the contract to sell showing that the property was actually sold for P3,400,000.

Singson also deferred the declaration of a house and lot on J. Ruiz St., Salapan, San Juan, Manila in 2009; a parcel of land in Cagayan in 2009; and a residential house and lot in the same province, both allegedly acquired through gratuitous transfer in 2005 and 2007.

The P1.7 million real estate mortgage on the San Juan realty incurred in 2009 was also belatedly reported by Singson in her SALNs for 2010 and 2011.

Shareholders Approve FCMB, FinBank Merger

MD, FCMB, Mr. Ladi Balogun,

Shareholders of First City Monument Bank Plc (FCMB) and FinBank Plc last Friday approved the business combination of the two banks.

At a court-ordered meeting, about 99.98 of FCMB shareholders voted in favour of the merger resolution, showing support and endorsement of the transaction and its benefits.

The meeting followed regulatory approvals of the merger including an approval-in-principle from the Securities Exchange Commission (SEC) last July.

As a result of the approval, the entire share capital of FinBank has been cancelled and the bank dissolved without being wound up. Consequently, all assets and liabilities of FinBank, including its real properties and intellectual property rights, have been transferred to FCMB.

Speaking at the meeting Group Managing Director of FCMB, Mr. Ladi Balogun, said the approval was an important step towards the successful merger of both banks. According to him, the merger is a pivotal moment in the evolution of FCMB.

The last six months have been challenging the delays we experienced have prevented us from achieving the synergies as quickly as we anticipated when we began this process. We are confident that with the transaction almost complete, we will fully realise the anticipated financial and strategic benefits and see value accretion in the coming months. I am grateful to our shareholders who have been supportive and patient during the entire integration process. The 99.98 per cent support for the transaction is a strong validation of its benefits to all shareholders. I also appreciate the continued dedication and focus of my colleagues at both banks as this process evolved, he said.

He noted that FCMB was one of Nigerias most enduring institutions and with a solid reputation as a premier wholesale banking group and a well-run and rapidly growing retail banking franchise.