[PRESS RELEASE]Thank you for reading this post, don't forget to subscribe!
The Regional Trial Court of La Trinidad, Benguet has convicted former officers of the closed Rural Bank of Buguias (Benguet), Inc. (RB Buguias) for violating the Bangko Sentral ng Pilipinas’ (BSP) Manual of Regulations for Banks and The General Banking Law of 2000 in relation to The New Central Bank Act.
The criminal cases arose when accused former RB Buguias managers Bryan B. Depalog and Lorna D. Lidua, together with cashier and teller Virginia O. Palbusa, were found to have participated in granting irregular and questionable loans to the bank’s own Directors, Officers, Stockholders, and their Related Interests (DOSRI).
Based on the complaint filed by the BSP, the court found all the accused guilty beyond reasonable doubt of violations of the provisions of the law pertaining to loans granted to DOSRI and participation in fraudulent transactions.
The court sentenced Depalog, Lidua, and Palbusa to pay PHP100,000.00, PHP300,000.00, and PHP150,000.00 in fines, respectively.
The BSP continues to promote good governance among its supervised financial institutions to foster the soundness of the financial system and to safeguard the interest of the general public. ###