10 bankers liable for $34.7m scandal<\/p>\n
MANILA (AFP): The Philippines' justice department said
\nyesterday it would prosecute five bank employees and five top
\nofficials of a bankrupt securities trading firm for fraud in
\nconnection with a 938 million peso (US$34.7 million) securities
\ntrading scandal.<\/p>\n
Justice Secretary Franklin Drilon told a news conference he
\nhas ordered state prosecutors to conduct a pre-trial
\ninvestigation of the five Bank of Commerce employees and five
\nBancapital Development Corp. (Bancap) officials.<\/p>\n
Under Philippine judicial procedures, state prosecutors are
\nempowered to subpoena respondents for hearings not lasting more
\nthan 60 days to determine whether there is ample ground for the
\nfiling of criminal charges against them in court.<\/p>\n
Drilon said the five, Marilyn Nite, Nunelon Bradley, Victoria
\nMagalona, Harry San Luis and Virgilio Bruno of Bancap and Bank of
\nCommerce senior manager Eugene Yang, along with four employees
\ndetailed with the bank's domestic operations, were liable for 167
\nmillion pesos in undelivered treasury bills.<\/p>\n
Ordinary fraud is punishable by a maximum jail term of eight
\nyears, but Drilon said he has ordered prosecutors to have them
\nprosecuted under a presidential decree that punishes fraud with
\nlife imprisonment if the swindle is \"committed by a syndicate
\nconsisting of five or more persons formed with the intention of
\ncarrying out the unlawful or illegal act.\"<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/10-bankers-liable-for-347m-scandal-1447893297",
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"sponsor": "Okusi Associates",
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