DOJ indicts bank exec in Wirecard mess

MANILA, Philippines — The Department of Justice (DOJ) has indicted an assistant manager of the Bank of the Philippine Islands for allegedly issuing falsified bank certificates in connection with a $2.1-billion scandal involving Munich-based Wirecard AG.

In a statement yesterday, the DOJ said it resolved to charge Joey dela Cruz Arellano, also known as Joey Cruz Arellano, with four counts of falsification and two counts of violation of Section 55.1 (a) in relation to Section 56.1 of Republic Act 8971 or the General Banking Act of 2010, in relation to Section 36 of RA 7653 as amended by RA 11211 or the New Central Bank Act.

The DOJ’s National Prosecution Service dismissed the charges against former Department of Transportation assistant secretary Mark Kristopher Tolentino, former Wirecard executive Jan Marsalek, Judith Singayen Pe and others due to insufficient evidence.

In 2020, Wirecard AG, a digital technology company, filed for insolvency after 1.9 billion euros reportedly went missing.

BPI and Banco de Oro were implicated for allegedly holding trust accounts for Wirecard AG in the amount of 1.9 billion euros or $2.1 billion. The banking institutions denied the allegations, saying that Wirecard AG was not their client.