MANILA, Philippines -- The Department of Justice (DoJ) approved the filing of criminal case against the president of a rural bank that closed due to its transactions with the troubled Legacy group of companies.

In a resolution, acting Justice Secretary Agnes Devanadera approved the filing of charges for violation of the Bangko Sentral Act and falsification of public documents against Virgilio Odejar, president of the Rural Bank of Paranaque (RBPI).

The case stemmed from the central bank's finding that Odejar falsely reported the bank's ROPOA (Real and Other Properties Acquired) amounting to P3.728 billion in its financial statements.

The ROPOA includes the bank's outstanding receivables worth P667 million from Conventional Realty Corporation.

"The act of Odejar in submitting an overvalued ROPOA by making use of the property subject matter of the deed of assignment in order to make it appear that the bank is solvent is deceitful and therefor it injures not only the BSP but the public as well," the DoJ said.