Closed Camarines Sur rural bank director convicted

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A FORMER director and principal officer of the closed Rural Bank of Milaor, Inc. (RB Milaor) in Camarines Sur has been convicted of criminal charges relating to falsification of documents and in violation of the The New Central Bank Act. The Bangko Sentral ng Pillipinas, which filed the charges against Evelyn Cueto Ramirez, said in a statement yesterday that the former rural bank executive would be facing three months to more than 3.5 years in prison and a fine of P3,000. The cases stemmed from the preparation and signing by Ramirez of the bank’s Consolidated Statement of Condition as of June 30, 2008 and the grant of four fraudulent loans. Previously, Pepito M. Cilos, former RB Milaor president, was also convicted of similar criminal charges.