State-run Philippine Deposit Insurance Corp. said Monday it filed criminal charges of qualified theft and fraudulent disposal of assets against three former officers of the closed Rural Bank of San Jose Del Monte Inc., or Delmont Bank.
PDIC said in a statement it filed the charges before the Justice Department on Jan. 6, 2016. Fraudulent disposal of assets is in violation of Republic Act 3591, as amended, or the PDIC Charter.
The Monetary Board, the policy-making body of Bangko Sentral ng Pilipinas, placed the four-unit Delmont Bank under the receivership of PDIC on Aug. 1, 2013.
PDIC alleged in the complaint that respondents Wilfredo Olaguer (former president), Lerma Torres (former vice president–Finance) and Rossana Aljon (former vice president–marketing) were charged with qualified theft and fraudulent disposal of assets for the unlawful taking of six
certificates of titles covering real and other properties acquired of Delmont Bank with an aggregate value of P33.22 million.
PDIC said the properties were deliberately removed from the books to avoid detection by the bank regulators.
The complaint also said that PDIC came to know of the alleged scheme in Delmont when one of the bank’s depositors reported that the respondents offered to sell to him “off-book” assets of the closed bank two days after the bank’s closure.
“The respondents allegedly assured the depositor that PDIC, the liquidator of the closed bank, will not be able to trace the assets because these have been removed from the books of the closed bank and the deeds of sale to be entered into will be ante-dated to protect the buyers in case of re-sale,” the agency said.
PDIC said it continued its pursuit of justice against erring bank owners, officers and unscrupulous parties who took advantage of the deposit insurance system for their personal gain.
The corporation’s vigorous legal actions are critical in deterring other parties from taking advantage of the deposit insurance system and protecting the interests of the depositors and the Deposit Insurance Fund, PDIC’s funding source for payment of deposit insurance.