AUB announces exec movements

attack on a smart contract on a decentralized crypto exchange. DeFi platforms allow users to trade, borrow and lend digital assets without having to go through an intermediary. They achieve this through the use of smart contracts—computer programs that automatically execute transactions when predetermined conditions are met.

That’s different from how centralized exchanges like Coinbase Global Inc. or Binance Holdings Ltd. operate and has often led those in the DeFi community to maintain that it shouldn’t be subject to the same rules that apply to traditional finance. But US authorities have increasingly pushed back on that idea, pursuing DeFi projects they allege have broken the law or individuals who use the platforms to commit crimes.

“This case is another reminder that DeFi markets are not a Hobbesian marketplace where no laws exist and any conduct is fair game,”

Ashok Ayyar, counsel at Ashbury Legal, said. “Theft is theft, and code is not law.”

The action against Ahmed has similarities to charges brought against trader Avraham Eisenberg, who is accused of stealing $110 million worth of cryptocurrency from DeFi exchange Mango Markets by manipulating the price of futures contracts. He’s set to face a criminal trial in New York on December 4.

Bloomberg News

GSIS said through the statement that it offers full payment options for applicants, including a waiver of all remaining penalties and surcharges, as well as an additional discount on outstanding interest. According to Veloso, GSIS borrowers have four available payment methods: payroll deductions; monthly cash or manager’s checks; post-dated checks; or, through the “GSIS Housing Online Payment,” or “Ghop.”

The government financial institution (GFI) said the “Ghop” is an online payment portal accessible via a borrower’s account with a private lender. Borrowers must register to utilize the “Ghop,” the GSIS statement read.

The GFI said its housing condonation program is one of three components under the GSIS’s umbrella program named “Pabahay para sa Bagong Bayani na Manggagawa ng Pamahalaan.”

A second initiative under this umbrella program involves constructing and developing mid-to-high rise residential buildings in strategic locations, the

Another initiative is the “lease with option to buy,” or “Lwob,” program, where GSIS leases out available housing units. Priority will be given to current occupants who wish to purchase these units at any point during the lease. Both cash and installment options are available to government employees.

Eligible participants for the Lwob installment sale program include active GSIS members who have paid at least three years’ worth of premiums; have up-to-date premium and loan payments; are not on leave of absence without pay at the time of application; have no pending administrative or criminal cases; and do not have an active housing loan with GSIS.

Details about GSIS properties for sale and lease, along with general guidelines, application forms, checklists of requirements, and FAQs under LWOB, can be found on the GSIS website.

“GSIS continually seeks to enhance our loan products, helping borrowers make responsible payments while maintaining a healthy pension fund,” Veloso was quoted in the statement as saying.

PUBLICLYlisted Asia United Bank (AUB) Corp. recently announced it has elected Jonathan C. Ng as chairman of the Board, taking over from Abraham T. Co who was elected vice-chairman.

Ng was a member of AUB’s board of directors from 1998 to 2016. He is currently the vice chairman of the family-owned Republic Biscuit Corp. (Rebisco).

Ng also holds concurrent executive positions in the Rebisco Group such as president of Suncrest Foods Inc., president of Multirich Foods Corp., chairman and president of RBC Retail Stores Corp., chairman and president of SFI Multimix Corp., chairman of Omnipack Industrial Corp., and director of SPI Corp.

Ng is also a stockholder of RBC Best Baker Food Inc. and Action Republic Corp., as well as a trustee of Rebisco Foundation Inc. He is also an independent director of Pico De Loro resort operator Costa del Hamilo Inc. He graduated with a Bachelor of Arts degree in Management Economics from the Ateneo de Manila University. Ng’s election also coincided with the resignation of retired Justice Adolfo S. Azcuna as director. However, Azcuna will continue to serve as senior adviser to the AUB Board. Cai U. Ordinario