9 ordered arrested by court for police savings mess

Seven retired and active Manila policemen, as well as two civilian employees, have been ordered arrested by the court for estafa charges filed by 23 disgruntled depositors of Police Savings and Loan Association, Inc. (POSLAI).

Records obtained by The STAR showed 23 counts each of multiple estafa charges were filed against POSLAI officials led by the quasi bank’s president and chief executive officer, retired police Col. Vicente Palmon; board members Inspector Cesario Tubog, SPO4 Reynaldo Li, SPO3 Radito Perez; retired police officials Felix Pineda, Cesar Baria and Armando Inabangan; and POSLAI’s civilian officers Vicente Ray Palmon III and Yolanda Sales.

The court, however, recommended the dropping of estafa charges against three other POSLAI officials, namely: Manuel Calanog Jr., Howard Calleja and Simon Ung.

The complainants include several retired Manila policemen and their dependents who were allegedly enticed by Palmon to deposit their retirement and pension money with POSLAI for supposed high-yielding interest rates as well as free hospitalization and death benefits.

The complainants said in mid-2001, Palmon and his trustees refused to give them their accrued interest on time deposits, prompting them to withdraw their deposits upon maturity. However, despite several verbal and written demands, the respondents failed to return the complainants’ money, totaling more than P43 million.

Assistant city prosecutor Celedonio Balasbas found probable cause to indict the nine respondents for multiple estafa, ruling that at the time complainants were enticed by Palmon to place their money in time deposits, he was already ousted as chairman and president of POSLAI by virtue of the decision of the Manila Regional Trial Court in 1995 and affirmed by the Court of Appeals in 1996 and the Supreme Court in 1998.

The Manila’s Finest Retirees Association Inc. (MFRAI), which took up the cudgels for the beleaguered POSLAI depositors, lauded the court’s decision as a triumph for the retired policemen.

MFRAI president, retired police Col. Felicisimo Lazaro, said warrants of arrest against the nine POSLAI officials were issued by Manila Regional Trial Court Branch 22.