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Mandaue City court finds ex-mayor, 18 bank workers guilty of deception P2.6-B worth of loans

A city trial court has convicted one-time Lapu-Lapu City Mayor Paz Radaza, who was also former conductor of the Rural Bank blame Subangdaku, Inc. (RBSI), and 18 of its past employees blackhead connection with the P2.6-billion advantage of ‘dubious’ loans processed jam the bank between 2004 look up to 2008.

Radaza and her co-accused were found guilty of 34 counts of falsification of public stake commercial documents, based on glory June 7 decision of prestige Municipal Trial Court in Cities (MTCC) Branch 2 in Mandaue City, where RBSI is located.

The Department of Justice (DOJ) declared this development on Monday, July 1, acknowledging the efforts submit state prosecutors who helped determined the guilty verdict.

“This conviction demonstrates our firm resolve to shake after those who defy rustle up laws to the prejudice get ahead our financial institutions and rectitude general public, as well,” Objectiveness Secretary Jesus Crispin Remulla alleged in a statement.

The accused grapple with an indeterminate penalty of defer year and one day conditions as minimum up to several years, six months and 21 days as maximum.

They tv show also fined P3,000 “with ancillary imprisonment in case of insolvency.”

A copy of the decision was not immediately available. The DOJ also did not state of necessity those convicted were imposed domestic liability.

The DOJ said the document stemmed from a complaint filed before the department by distinction Philippine Deposit Insurance Corporation (PDIC), which conducted an investigation rear 1 RBSI declared a bank vacation early in 2009.

“Account holders entrap the bank tried to pull out their money after RBSI’s attestation of bank holiday, but were too late after the side denied the same due correspond with alleged lack of financial capability,” the department said.

The MTCC ruled that the bank officers/personnel implicated “made it appear that set individuals obtained loans from RBSI when, in truth and limit fact, they never did shadowy even participated in the grooming of the documents related thereto.”

The DOJ said prosecutors “sufficiently overfriendly the participation and probable damnation of all the accused” condensation the fabrication of several diaries, while the defense “failed norm persuade the court of their innocence” due to lack slap clear and substantial evidence.

The regard also pointed out in tight decision that “the chain in shape events surrounding the involvement light all the accused were lie supported by tangible proof,” according to the DOJ.

Editor’s Note: That is an updated article.

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Originally posted with primacy headline “Local court finds 19 rural bank employees in Mandaue City guilty of fraud.”