GMA declines TAPE estafa settlement offer
MANILA, Philippines — GMA Network declined a settlement offer from Television and Production Exponents Inc. (TAPE), which the former is suing for alleged estafa with abuse of confidence.
GMA filed a criminal complaint against TAPE officers last month for the alleged misappropriation of funds amounting to nearly P38 million.
According to GMA, respondents failed to remit advertising revenues collected from clients, which had been contractually assigned to the network under a 2023 Assignment Agreement.
The funds were not transferred to GMA despite multiple formal demands, and the network said the funds were instead used for TAPE's operational expenses, in violation of the trust arrangement outlined in the previously mentioned agreement.
Named as respondents in the complaint were former TAPE president Romeo Jalosjos Jr., board chairman Romeo Jalosjos Sr., and treasurer Seth Frederick "Bullet" Jalosjos.
Related: GMA files Estafa vs Romeo Jalosjos, other TAPE officers
Other TAPE executives included in the complaint were current president Malou Choa-Fagar, former finance senior vice president Michaela Magtoto, and finance consultant Zenaida Buenavista.
GMA broadcast journalist Mel Tiangco reported on the June 11 episode of "24 Oras" that representatives for GMA and TAPE participated in two mediation meetings where GMA asked for the alleged misappropriated funds to be returned.
According to Tiangco, TAPE gave a settlement offer after the second meeting held at the Quezon City Prosecutor's Office but GMA deemed the amount too low and refused.
As a result, the case will be raffled off to another prosecutor who will begin a preliminary investigation into the issue.
The prosecutor will decided if the case will be brought up in court, and if it will be classified as a criminal or civil case.
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