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Nov 28, 2017 @ 11:34

Heads have rolled: BSP slaps suspension of officers, higher risk capital for Metrobank after P1.75B fraud

 

They won’t be paying any monetary fine, but these penalties are just as chilling.

The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) has approved a host of sanctions for Metropolitan Bank & Trust Company (Metrobank) months after news surfaced that its former vice president Maria Victoria Lopez embezzled at least P900 million from fake loans at the bank.

Lopez, who was arrested by the National Bureau of Investigation back in July, reportedly signed bogus loan applications for the Gokongwei-owned Universal Robina Corp., which has been a long-standing client of the bank. However, the proceeds went elsewhere rather than the business.

On Tuesday, Nov. 28, the central bank said investigations showed that the amount involved in the modus reached as much as P1.75 billion.

While the BSP did not slap a fine, it ordered Metrobank to reprimand and/or suspend directors and officials who were supposed to have caught Lopez’s dirty deeds within the bank, given that they “failed to perform adequate oversight” in the corporate web.

Metrobank will also be made to set aside an additional P4.5 billion capital for operational risk

“The requirement is subject to periodic review and would be lifted when the Bank is determined to have put in place adequate risk control measures to address the weaknesses noted,” the central bank said.

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