RCBC officials face fraud complaint

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CURRENT and former officials of Rizal Commercial Banking Corp. (RCBC) face an administrative case filed by a nonprofit organization for alleged fraud.

Respondents for the case are RCBC President and Chief Executive Officer Eugene S. Acevedo, current and former members of the bank’s board of directors, as well as Liza P. Arzaga, a dismissed employee, the lender said in a filing on Wednesday.

The complaint was filed by Inang Nag-aaruga sa Anak Foundation represented by Pangasinan Representative Christopher P. de Venecia and his mother and former solon Ma. Georgina V. Perez-de Venecia.

Other complainants representing the organization include Ma. Asuncion L. Yu, Ma. Teresa P. Cruz-Evangelista, Felipe Ferdinand P. Cruz III, Ma. Asuncion P. Ampil and Veronica F. Roxas.

“Inang Nag-aaruga Sa Anak Foundation and others collectively complain against the respondents for supposedly violating Section 56 of Republic Act (RA) No. 8791, otherwise known as the General Banking Law of 2000, in relation to Section 37 of RA No. 7653, or the New Central Bank Act, as amended, for alleged fraud committed against the complainants…,” RCBC said.


Section 56 of RA No. 8791 lays out unsafe or unsound manners in conducting business that can result in  material loss or damage to depositors, the BSP or financial institutions.

The lender said the issue has “no material impact” on their business or operations. While RCBC is not impleaded in the complaint, the bank said it will monitor the respondents’ filing of answers with the BSP.

“The concerned officers of the bank have already referred the matter to external counsel. We have been advised that we cannot share details regarding this case in view of the confidentiality of the legal proceedings,” RCBC said in a text message.

The case is pending before the Office of the General Counsel and Legal Services-Investigation and Prosecution Group of the Bangko Sentral ng Pilipinas (BSP).

Sought for comment on the case, BSP Deputy Governor Chuchi G. Fonacier said in a text message: “Unfortunately, I cannot share with you the details because of the ongoing legal proceeding.”

BusinessWorld also reached out to Mr. De Venecia but had yet to receive a response as of press time.

RCBC’s net earnings climbed 77% year on year to P2.3 billion in the first quarter, supported by strong core business and trading gains.

The Yuchengco-led lender’s shares closed at P16 apiece on Wednesday, down by four centavos or 0.25% from its previous finish. — Luz Wendy T. Noble