Press Release 01 October 2020
COURT CONVICTS THREE OFFICERS OF CLOSED RURAL BANK OF MILAGROS (MASBATE), INC.
The Regional Trial Court (RTC) of Masbate City convicted three officers of the closed Rural Bank of Milagros (Masbate), Inc. for violation of banking laws on charges filed by the Bangko Sentral ng Pilipinas (BSP).
The convicted officers of the closed bank are Larry D. Estrella, former chairman of the board of directors and president; Mizel S. Tarantan, former director, corporate secretary, and cashier; and Rosie V. Besonia, former director, vice-president, and manager.
Estrella and Tarantan are each sentenced to suffer imprisonment of a minimum of two years to a maximum of three years. Besonia, meanwhile, was given the same sentence for each of the two violations she was found guilty of.
RTC-Masbate found Estrella guilty beyond reasonable doubt of violating The General Banking Law of 2000 after admitting he obtained loans from RB Milagros without complying with the law’s requirements on Directors, Officers, Stockholders, and their Related Interests (DOSRI).
Tarantan, on the other hand, received conviction for making false entries in the books and records of RB Milagros and participating in fraudulent loan transactions in the total amount of Php 3.507 Million.
Meanwhile, Besonia pleaded guilty to charges she obtained loans without adhering to DOSRI requirements. Besonia also admitted that she and Tarantan made false entries in the books and records of RB Milagros and participated in fraudulent loan transactions.
The cases arose from the criminal complaint filed in 2016 by the BSP, through its then Office of Special Investigation, now the Office of the General Counsel and Legal Services-Investigation and Prosecution Group, before the Department of Justice, against said convicted officers of RB Milagros.
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