NBI files charges vs POSLAI bank officials

A group of Manila police retirees are now optimistic of recovering their retirement pay deposited in a quasi-bank after the National Bureau of Investigation (NBI) took up the cudgels for the group by filing with the Manila Prosecutors’ Office charges of syndicated estafa against 12 officials of the beleaguered Police Savings and Loan Association Inc. (POSLAI).

Recommended for prosecution were retired Col. Vicente Palmon, president; Vicente Ray Palmon III, chairman of the board; SPO3 Reynaldo Li, vice chairman; Chief Inspector Cesar Baria, vice president; retired Maj. Armando Inabangan, trustee; SPO4 Radito Perez, treasurer; Senior Inspector Cesario Tubog, trustee; Felix Pineda, trustee; Danilo Hernandez, trustee; Simon Ong, trustee; Manuel Calanog, secretary; and Yolanda Sales, general manager.

The case against POSLAI officials stemmed from the complaint filed at the NBI by 15 police retirees and their beneficiaries against Palmon and the quasi-bank’s board of trustees for its failure to pay the complainants’ matured time deposits plus accrued interest totalling more than P43 million despite written and verbal demands.

Preliminary investigation conducted by the NBI’s Anti-Fraud and Computer Crime Division Senior Investigator 4 Rodolfo Saniano showed that Palmon, in collusion with the board of trustees, "convinced, lured or enticed" the complainants to put their retirement money ranging from P100,000 to P600,000 in the high yielding time deposits at POSLAI with interest rates ranging from 18 percent to 22 percent per annum.

The investigation also showed that in the middle part of 2001, Palmon and his trustees refused to give the complainants’ accrued interest for no apparent reason, prompting the retirees to withdraw their deposits on its maturity date. However, despite several verbal and written demands, the respondents failed to return the money of the retirees, the investigation revealed.

Manila’s Finest Retirees Association, Inc. (MFRAI) president retired Col. Felicisimo Lazaro said the charges against Palmon and his officials could carry a maximum penalty of reclusion perpetua and is non-bailable.

Lazaro also lashed out at Palmon’s alleged tactic of demoralizing the complainants by spreading word around that the cases filed against him have been dismissed by the courts.