COURT CONVICTS FORMER PRESIDENT OF RURAL BANK OF STO. TOMAS (DAVAO), INC.

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The Municipal Circuit Trial Court of Carmen-Sto. Tomas-Braulio E. Dujali of Davao del Norte convicted a former officer of the now-closed Rural Bank of Sto. Tomas (Davao), Inc. for violating Section 35 of Republic Act (RA) No. 7653 (The New Central Bank Act).

Based on charges filed by the Bangko Sentral ng Pilipinas (BSP), the court convicted the bank’s former president, Rosele R. Solis, for recording several dummy or fictitious loan accounts in the bank’s financial statement, particularly in the Financial Reporting Package-Balance Sheet as of 30 September 2012 which was submitted to the BSP. Section 35 of RA No. 7653 punishes the willful making of a false or misleading statement on a material fact to the Monetary Board or the BSP examiners.

The accused pleaded guilty as charged and was sentenced to a penalty of one-year imprisonment.

The BSP fosters the soundness of the financial system by promoting good corporate governance and regulatory compliance among its supervised financial institutions.

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