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Dec 1, 2017 @ 14:55

Metrobank president, board handed suspensions over P1.75B fraud

 

This is command responsibility to own up to the grand scheme which reached billions of pesos.

Members of the board of the Metropolitan Bank & Trust Co. (Metrobank) including its president Fabian Dee are among those penalized by the Bangko Sentral ng Pilipinas (BSP) over the P1.75 billion internal fraud case.

In a report, the Manila Bulletin said Dee has been given a 90-day suspension as well as former Metrobank corporate banking head now Philippine Savings Bank President Vicente Cuna, Jr.

The bank’s bigwigs Arthur Ty, chairman of the board and ex-president; Francisco Sebastian, vice chairman; and George S.K. Ty, group chairman received reprimands from the central bank.

Suspensions handed to 15 bank officials ranged from 30 to 120 days, according to the news report.

The BSP meted the penalties for being “complacent/remiss of their duties and responsibilities.”

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