Qualified theft raps filed against former bank executive

CEBU, Philippines - A former officer-in-charge of a local savings bank was charged with qualified theft through falsification of commercial documents before the Regional Trial Court in Cebu City.

Mary Jane Pascual, OIC of the Merchant Savings and Loan Association Inc.-Carbon Branch, was indicted by the Cebu City Prosecutor’s Office after finding probable cause that she allegedly embezzled P973,000 from the bank.

The case stemmed from the criminal complaint filed in 2008 by Rubelyn Letrero, a reserve officer of the Rizal Commercial Banking Corporation, majority stockholder of the Merchant Savings and Loan Association, Inc.

Letrero said that sometime in August 2008, the accounting unit of their head office informed the regional office in the Visayas about a floating item appearing in the complainant’s due from head office account in the amount of P973,000.

It was found out that the fund transfer from the local bank’s account to its head office’s account maintained at the Banco De Oro-Sen. Gil Puyat Branch was not supported with any document.

A special audit team was immediately designated to conduct the investigation, which subsequently found out that there were discrepancies in the entries in the vault cash summaries of the branch managed by the accused and the cash deposit to BDO-Fuente for the period of April 16, 2007 to May 27, 2008.

Pascual was ordered by the bank management to explain the discrepancies but she instead offered to pay the lost funds on a monthly basis until such time that she is able to pay in full. However, the bank management decided to terminate her in November 2008.

In her affidavit submitted to the bank, Pascual did not refute the material allegations and even admitted having prepared the bank reconciliation statements in which the discrepancies were noted.

Pascual also admitted she failed to perform her responsibilities but claimed she does not know where to locate the lost funds. According to her, it is her practice to let a certain Edgar Bebero deposit the cash to BDO or leave the money to any BDO teller with accomplished deposit slip.

Assistant city prosecutor Ricky Jones Macabaya found probable cause to indict the accused of the crime after she failed to submit her counter-affidavit despite the subpoenas sent to her. — Fred P. Languido/JMO   (FREEMAN NEWS)