By the staff
The Inang Nag-Aaruga sa Anak Foundation has asked the Supreme Court to reconsider its dismissal of a complaint against several current and former directors of Rizal Commercial Banking Corp. (RCBC), a Yuchengco-led lender.
In a disclosure to the Philippine Stock Exchange, RCBC said the petitioners filed a motion for reconsideration on Dec. 3, aiming to reverse the court’s July 28 ruling that rejected their petition for review on certiorari.
The 2021 complaint accused RCBC president Eugene S. Acevedo and former branch manager Liza Arzaga, among others, of unsafe and unsound banking practices. The foundation alleged that Arzaga misled them into investing funds in RCBC and its sister firms, Malayan Leasing and Grepalife.
According to the petition, the money was never placed in any investment products; Arzaga allegedly provided falsified documents and absconded with the funds.
The alleged fraud reportedly came to light in 2018 when a bank customer requested the transfer of P37 million to a checking account. Despite the presentation of machine-validated deposit and withdrawal slips, the funds never reached the account and are said to have disappeared with Arzaga.
The Bangko Sentral ng Pilipinas dismissed the complaint in August 2021 and denied a follow-up motion later that year.
Other respondents named in the motion include RCBC chairman Helen Dee, Lorenzo Tan, Cesar Virata, Wilfrido Sanchez, Roberto De Ocampo, and other current and former directors.
