PDIC files charges vs bank executives

The Philippine Deposit Insurance Corp. (PDIC) has filed criminal charges against rural bank executives and employees for refusing to turn over bank records to the state deposit insurer.

In a complaint filed before the Office of the City Prosecutor of Makati City on January 27, 2015, the PDIC charged five former directors and four officers and employees of Banco Carmona (A Rural Bank), for violating PDIC Regulatory Issuance No. 2006-2, which requires that documents and records of the bank must be kept intact within its premises.