MANILA, Philippines—A top executive of a web design firm is facing arrest after he was accused by his business partner of stealing P5.8 million in company funds.
Judge Carlito Calpatura of Makati Regional Trial Court Branch 145 has issued a warrant for the arrest of Jerry O. Co, president and director of Webworx Computer Technology Corp.
A complaint for estafa was initially filed against Co by fellow Webworx director and stockholder Ricardo Lagdameo. The Department of Justice (DOJ) later changed it to qualified theft.
According to Lagdameo’s complaint, his Quezon City-based company was granted a loan of P8.75 million by Esquire Financing Inc., but an internal audit report later revealed that Co declared only P2.9 million.
The complainant said the difference between the two amounts should be considered stolen by Co, who allegedly took the money “for his personal gain.”
But in his defense, Co earlier maintained that the money was all accounted for and detailed how it was supposedly spent for Webworx’s expansion.
Lagdameo’s counsel, Bertrand Baterina, noted that Co’s arraignment had been deferred for over 60 days after the latter filed a petition for review in the DOJ.
“It is high time that the wheels of justice moved in this case,” Calpatura said in an Inquirer interview.
In a resolution dated April 11, Judge Calpatura denied Co’s motion to suspend the proceedings and the issuance of a warrant of arrest.