RCBC treasurer quits, gets bank clearance

/ 03:08 AM April 22, 2016

The treasurer of Yuchengco-led Rizal Commercial Banking Corp. (RCBC) has resigned from his post, a fallout from the laundering of $81 million through the bank’s Jupiter branch in Makati City.

Raul Victor Tan, treasurer and executive vice president, stepped down effective April 20, RCBC said in a disclosure to the Philippine Stock Exchange on Thursday.


Carlos Cesar Mercado, RCBC senior vice president, was appointed by the board to take his place.

In a press statement, RCBC head of legal and regulatory affairs Maria Cecilia Fernandez-Estavillo said Tan had been cleared by RCBC of any involvement in the $81-million cyberheist.


“Out of decency and honor, and despite his lack of involvement in the same, he tendered his resignation because of command responsibility, as Deguito—whose culpability has been clearly and convincingly established—was under him. He offered previously to resign (these were not accepted by RCBC) and insisted that the offer already be accepted,” Estavillo said.

“Deguito, on the other hand, admitted to the Senate that she lied to the head office to get the transaction approved, clearly showing that the head office had no involvement in the same,” she said.

Bank accounts—recently established to have been fictitious—were opened under the names of Michael Francisco Cruz, Jessie Christopher Lagrosas, Alfred Santos Vergara and Enrico Teodoro Vasquez at RCBC’s Jupiter branch on May 12, 2015, each funded only with the minimum amount of $500 each.

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TAGS: Maia Deguito, Money Laundering, Nation, news, Raul Victor Tan, RCBC
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