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.
The Banco Carmona (A Rural Bank) was ordered closed by the Monetary Board of the Bangko Sentral ng Pilipinas and placed under receivership of the PDIC on August 1, 2014. The bank is located along J.M. Loyola Street, Carmona, Cavite.
“When PDIC took over the bank, important bank documents and records were found to be missing. PDIC demanded the immediate turnover of the missing documents and records but respondents refused to comply and provided unsatisfactory explanations,” the state deposit insurer stated.
The missing documents and records were necessary to enable PDIC to pay deposit insurance claims, and for PDIC to determine the financial condition of the bank, it added.
Due to the absence of complete bank records and documents, the PDIC said that the payment of deposit insurance claims of depositors of the closed Banco Carmona was considerably delayed, causing inconvenience to the closed bank’s depositors who could have immediately accessed their deposits.
“The criminal charges highlighted that bank directors, officers, employees and/or agents are expected to exercise extraordinary due diligence in safeguarding the interests of their depositors,” it said.
Charged were Directors Perseveranda Isla, Rosalinda Gatdula, Ma. Cristina Creencia, Rosalie Lourdes Gaco and Roel Nupal, as well as bank officers and employees Irene Zarraga (officer-in-charge/manager), Jessica Basillas (acting cashier/teller), Rowena C. Rodis (head accountant) and Aiza Javier (branch teller).