Author Topic: LWUA Chair Pichay under preventive suspension  (Read 491 times)

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LWUA Chair Pichay under preventive suspension
« on: November 17, 2017, 04:45:16 PM »
Acting Ombudsman Casimiro places LWUA Chair Pichay under preventive suspension
20 May 2011, source: Ombudsman Website
visit https://goo.gl/zf9rLb

 Acting Ombudsman Orlando C. Casimiro ordered the preventive suspension of Prospero Pichay Jr., Chairman of the Board of Trustees of the Local Water Utilities Administration (LWUA).

          In a 10-page Order, Acting Ombudsman Casimiro placed Pichay under a 6-month preventive suspension without pay for the alleged unlawful investment of LWUA funds in the total amount of P780M in the Express Savings Bank, Inc.  (ESBI) a private banking institution.

          The Order stemmed from a complaint filed by several LWUA officials.

          In their complaint, they alleged that Pichay and the other respondents “violated the provisions of the General Appropriations Act (GAA) for Fiscal Year 2009, when they unlawfully disbursed LWUA funds by investing the total amount of P780,000,000.00 in the Express Savings Bank, Inc., a private thrift bank under the administered rehabilitation by the Bangko Sentral ng Pilipinas (BSP)”.

          They also alleged that the LWUA Board of Trustees unlawfully authorized the payment in favor of ESBI of the amount of P4M “for subscription to the increase in the authorized capital stock of said bank.”

          The complainants also averred that the respondents violated BSP Circular No, 309 when they failed to secure prior approval of the Monetary Board on the sale or transfer of shares before the disbursement of a total amount of P480M funds which resulted in the ownership or control by LWUA of 20% of ESBI’s voting stock.

          In his Order, Acting Ombudsman Casimiro said since the evidence of guilt against Pichay is strong, it is “imperative on the part of the Office of the Ombudsman to immediately place him under preventive suspension, as the need for precautionary measures against possible abuse of the prerogatives of his office may escalate under the circumstances.”

          The prayer for the preventive suspension of the other respondents was however denied there being no proof of their participation in the disputed LWUA Board Resolutions.

          The Office of Executive Sec. Paquito Ochoa has been furnished a copy of the said Order.

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