The Philippine Deposit Insurance Corporation (PDIC) on Tuesday filed a criminal complaint against former officers of the closed Export and Industry Bank (EIB) and two officers of Arthaland Corporation for misappropriating bank funds worth almost P10-million.
Facing a complaint for syndicated estafa are Jaime C. Gonzalez, former EIB chair, Juan Victor S. Tanjuatco, former EIB president and director, Aurea I. Yamsuan, former EIB vice president, Teresita Q. De Ocampo, former EIB chief financial officer, Riva Khristine V. Maala, former EIB assistant corporate secretary, Angela De Villa-Lacson, Arthaland Corporation president, and Froilan Q. Tejada, Arthaland chief financial officer.
Based on the complaint, respondents allegedly conspired to “misappropriate EIB funds in the amount of P9.7 million to fast-track the purchase of several properties in Batangas for the benefit of Arthaland Corporation. ” Arthaland is owned and controlled by Gonzalez.
The respondents allegedly continued to misappropriate EIB’s funds when these were unlawfully disbursed to cover for the management and other expenses of the Batangas properties.
PDIC added that respondents also concealed from the EIB board and executive committee the advance made by the bank to buy the Batangas properties. PDIC said there had to be a resolution from EIB Board before a disbursement could be made.
EIB is a 50-unit commercial bank ordered closed by the Monetary Board and placed under receivership by the PDIC on April 26, 2012.