The Philippine Deposit Insurance Corporation (PDIC) filed criminal charges of qualified theft and fraudulent disposal of assets against three former officers of the closed Rural Bank of San Jose Del Monte, Inc. (Delmont Bank). The case was filed before the Department of Justice on January 6, 2016.

Delmont Bank is a four-unit rural bank placed under receivership of the PDIC by virtue of Monetary Board Resolution No. 1254 dated August 1, 2013.

Fraudulent disposal of assets is in violation of Republic Act 3591, as amended, or the PDIC Charter.

As alleged in the complaint, respondents Wilfredo Olaguer (former President), Lerma P. Torres (former Vice President-Finance), and Rossana L. Aljon (former Vice President-Marketing) were charged with qualified theft and fraudulent disposal of assets for the unlawful taking of six certificates of titles covering real and other properties acquired (ROPA) of Delmont Bank with an estimate aggregate value of PHP33.22 million. These properties were deliberately removed from the books to avoid detection by the bank regulators.

The complaint further alleged that PDIC came to know of this scheme in Delmont when one of the bank's depositors reported that the respondents offered to sell to him "off-book" assets of the closed bank two days after bank closure. The respondents allegedly assured the depositor that PDIC, the Liquidator of the closed bank, will not be able to trace the assets because these have been removed from the books of the closed bank and the deeds of sale to be entered into will be ante-dated to protect the buyers in case of re-sale.

The PDIC continues its pursuit of justice against erring bank owners, officers and unscrupulous parties who take advantage of the deposit insurance system for their personal gain. The Corporation's vigorous legal actions are critical in deterring other parties from taking advantage of the deposit insurance system, and protecting the interests of the depositors and the Deposit Insurance Fund, PDIC's funding source for payment of deposit insurance.

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