Metrobank sues top exec, 2 others for fraud

MANILA, Philippines - Metropolitan Bank & Trust Co. (Metrobank) has filed a criminal case against a ranking official and two other individuals after the bank fell victim to internal fraud involving P900 million.

In a 17-page complaint affidavit, Metrobank filed charges of qualified theft through the falsification of commercial documents as well as violation of the General Banking Law before the Makati City Prosecutor’s Office against Metrobank’s corporate service management division head and account service manager Ma. Victoria Lopez, together with Hubert Co and Sue Sai.

Lopez is currently detained at the National Bureau of Investigation (NBI) detention facility after she was arrested in an entrapment operation last month. Both Co and Sai are at large.

The bank stated in the complaint that Lopez, using her position in the bank in conspiracy with the other respondents, made it appear that one of the bank’s larger clients issued a promissory note in the amount of P900 million last June 16 in favor of Metrobank, resulting in the crediting of the amount to the client’s savings account.

It added that Lopez made it appear that the client subsequently requested the issuance of several cashier’s checks to be debited from the client’s account.

The listed bank owned by taipan George Ty said it discovered the fraudulent act last July 13 when the bank’s Corporate Banking Group discovered two dubious letters dated June 21 and 30 this year seeking the issuance of two manager’s checks amounting to P35.35 million and P30.3 million, respectively, in favor of respondent Co.

The bank stated in the complaint that Sai’s name was written at the back of the cashier’s checks in the endorsement portion, thereby facilitating the deposit and subsequent transfer of the funds.