PDIC files criminal charges vs. RB Labrador official
THE Philippine Deposit Insurance Corporation (PDIC) filed on June 27, 2016 with the Department of Justice (DOJ) a criminal complaint against Mark Ernest D. Rosario, former President/Manager of the closed Rural Bank of Labrador, Inc. (RB Labrador), for estafa.
RB Labrador is a single-unit bank ordered closed by the Monetary Board and placed under receivership of the PDIC on April 16, 2015.
Rosario is facing charges of estafa through falsification of documents pursuant to Articles 315 (2) (a) and (1) (b), in relation to Articles 171 and 172 of the Revised Penal Code.
In its complaint, PDIC alleged that Rosario sold two (2) motor vehicles owned by RB Labrador for P225,000 in 2013 without authority from the Bank’s Board of Directors. Investigation showed that subject vehicles were sold by Rosario using Secretary’s Certificates supposedly authorized by the Bank’s Board. Proceeds from the sale were found to have not been turned over to and not recorded in the books or records of RB Labrador.
Further investigation by PDIC revealed that the signatory to the Secretary’s Certificates was neither elected nor designated as the Bank’s Assistant Corporate Secretary.
Under Article 315 of the Revised Penal Code, estafa involving more than P22,000 is punishable with prision mayor (6 years and 1 day to 12 years imprisonment) or reclusion temporal (12 years and 1 day to 20 years imprisonment).
Filing of charges against erring bank officers and employees is in support of PDIC’s efforts to bring to justice parties who engage in acts that will put depositors and the Deposit Insurance Fund (DIF) at risk. The PDIC continues to pursue legal actions against bank officials and personnel who engage in unsafe and unsound banking practices that pose grave threats to the stability of the country’s banking system. The PDIC is mandated to generate, preserve, maintain faith and confidence in the country’s banking system, and protect it from illegal schemes and machinations.
By the end of last year, Rural Bank of Labrador had 927 accounts with total deposit liabilities of P44.1 million, all of which are insured.
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