• Tan resigns as RCBC treasurer


    Cites ‘command responsibility’ in scandal as reason for resignation

    RAUL Victor Tan has left his post as Treasurer of Rizal Commercial Banking Corp. (RCBC), the bank announced in a disclosure to the Philippine Stock Exchange (PSE) on Thursday.

     RCBC Treasurer Raul Tan gestures during a money laundering hearing at the Senate building in Pasay City on April 5.  Photo By Cesar Dancel  RCBC

    RCBC Treasurer Raul Tan gestures during a money laundering hearing at the Senate building in Pasay City on April 5. Photo By Cesar Dancel

    In the disclosure, the bank said it accepted Tan’s resignation as treasurer and vice president of RCBC effective April 20.

    Tan’s resignation came amid the ongoing investigation into the $81-million money laundering scandal involving RCBC, in which funds stolen from the central bank of Bangladesh were sent to accounts at the bank’s Jupiter St., Makati branch.

    Tan appeared in Senate hearings into the money-laundering scandal. He was described by former Jupiter branch manager Maia Santos-Deguito as implicitly clearing the suspicious transfers of the money after a stop request was issued by RCBC’s clearing department by saying the funds that had already been withdrawn “were Bangladesh’s problem,” a claim that Tan denied.

    ‘Command responsibility’

    Tan’s reason for resigning was not explained in the disclosure, but in a letter to the PSE, RCBC stressed that its internal investigation had already cleared Tan of any involvement in the money laundering case, and praised him for his service to the bank.

    RCBC legal counsel Macel Estavillo said in a separate statement, however, “Raul Tan was cleared by RCBC of any involvement in the purported $81 million cyber heist. Out of decency and honor, and despite his lack of involvement in the same, he tendered his resignation because of command responsibility, as [former RCBC Jupiter branch manager Maia]Deguito—whose culpability has been clearly and convincingly established—was under him.”

    “He offered previously to resign (these were not accepted by RCBC) and insisted that the offer already be accepted. Deguito, on the other hand, admitted to the Senate that she lied to Head Office to get the transaction approved, clearly showing that Head Office had no involvement in the same,” the lawyer added.

    The Manila Times contacted Tan to get his side of the story, but he refused to comment further about his resignation.

    Tan has been with RCBC for seven years and served as head of the Treasury Group and the Retail Banking Group.

    “As the head of the investment management team, he was instrumental in growing
    Treasury trading revenues to historic highs, which peaked at over P6 billion in 2012,” RCBC said.

    “As a head of the Retail Banking Group, low cost deposits of the retail bank group grew at
    an average of 24 percent per annum, booked consumer loans referrals moved up by 35 percent per year, and bancassurance sales reached P1.2 billion in 2015,” the bank’s statement added.

    “The banked thanked him for his valuable services, and wished him well in his future endeavors,” it said.

    RCBC Board has appointed Carlos Cesar Mercado as acting treasurer.


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    1. Valerie Garcia on

      Meanwhile Deguito is still making a big fuss out of her termination even if it was clearly established that she is a liar and a thief and a key player to a crime. Talk about lack of honor and decency.

    2. Honorable yet unnecessary. Tan wasn’t involved in any way, in fact he was cleared by the bank already. Deguito and her lies just keeps on ruining people’s lives.

    3. It’s a sad thing that life and reputation of innocent people like Raul Tan have to suffer because of the wrongdoing of a liar and fraud branch manager.

    4. Kudos to Mr. Raul Tan! Resigning was the honorable thing to do. So how about RCBC’s president??!!??