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BSP-Court Convicts Officer of Closed Rural Bank of Siaton (Negros Oriental), Inc. for Violation of Banking Law.

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ENPNewswire-September 23, 2021--BSP-Court Convicts Officer of Closed Rural Bank of Siaton (Negros Oriental), Inc. for Violation of Banking Law

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Release date- 21092021 - ?Based on charges filed by the Bangko Sentral ng Pilipinas (BSP), the Regional Trial Court (RTC) in Dumaguete City convicted a former officer of the now closed Rural Bank of Siaton (Negros Oriental), Inc. (RB Siaton) on 44 counts of violation of the General Banking Law of 2000 in relation to the New Central Bank Act, as amended.

In its decision dated 16 June 2021, RTC-Dumaguete City Branch 38 sentenced Porferio D. Tubog, former Manager of RB Siaton, to a minimum imprisonment of two years and a maximum of three years for each count.

The court also directed Tubog to pay the Philippine Deposit Insurance Corporation an aggregate amount of Php 578,408.81 as civil liabilities to now closed RB Siaton, after he pleaded guilty to said offenses.

The criminal cases stemmed from 43 cash advances that he obtained from RB Siaton amounting to Php 1,089,400.00 and his failure to return unaccounted funds totaling Php 578,408.81. The BSP...

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