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

A municipal trial court has convicted former Lapu-Lapu City Mayor Paz Radaza, who was also former president of the Rural Bank of Subangdaku, Inc. , and 18 of its past employees in connection with the P2.6-billion worth of ‘dubious’ loans processed by the bank between 2004 to 2008.

“This conviction demonstrates our firm resolve to go after those who defy our laws to the prejudice of our financial institutions and the general public, as well,” Justice Secretary Jesus Crispin Remulla said in a statement. The DOJ said the case stemmed from a complaint filed before the department by the Philippine Deposit Insurance Corporation , which conducted an investigation after RBSI declared a bank holiday early in 2009.

Source: Law Daily Report (lawdailyreport.net)

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