RCBC treasurer resigns amid money laundering case

Former Rizal Commercial Banking Corp. (RCBC) treasurer Raul Victor Tan in a Senate hearing on the $81-million money laundering case. Photo via CNNPhilippines

Former Rizal Commercial Banking Corp. (RCBC) treasurer Raul Victor Tan in a Senate hearing on the $81-million money laundering case. Photo via CNNPhilippines

via CNN Philippines – Amid the ongoing probe into the $81-million money laundering scandal hounding the Rizal Commercial Banking Corp. (RCBC), its treasurer has resigned from his post.

Former treasurer and executive vice president Raul Victor Tan resigned effective Wednesday (April 20), RCBC said in a disclosure addressed to the Securities and Exchange Commission (SEC) and the Philippine Stock Exchange (PSE).

The announcement was published in the PSE website on Thursday (April 21).

It said the reason for Tan’s resignation is “to pursue other endeavors,” which were not revealed.

RCBC thanked Tan for his seven years of “valuable services” to the company and wished him well for his future endeavors.

The bank’s board of directors appointed Carlos Cesar Mercado, senior vice president, to replace Tan as acting treasurer effective also Wednesday.

RCBC: Tan not involved in money laundering
Tan attended several Senate hearings on the money laundering case but the RCBC management itself has given him clearance from the controversy.

“RCBC’s internal investigation had previously cleared Mr. Raul Tan of any participation in or breach of banking policies with respect to the $81M money laundering issue,” the RCBC reiterated in a statement attached to the disclosure.

RCBC Legal and Regulatory Affairs Head Macel Estavillo said it was not the first time Tan expressed intent to resign.

“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,” Estavillo said in a statement.

RCBC earlier issued an apology for the involvement of its personnel in the money laundering scheme, such as former branch manager Maia Santos-Deguito.

Between February 4 and February 5, thieves attempted to withdraw $951 million from the Bangladesh Bank.

About $101 million was stolen, $81 million of which ended up in the Philippines through deposits made to RCBC’s Jupiter Street, Makati branch.

Find more like this: Business

  • U.N. Rights Council to Investigate Killings in Philippine Drug War
  • Philippines declares national alert after 456 die from dengue fever
  • Trying to save the stories of a Philippine culture, one scan at a time
  • Pinoy archaeologist brings new human species discovery to Australia
  • Philippines a slowly ageing society – PIDS study
  • Page 1 | 2 | 3 | 4 | 5 | 6 | 7

    Entertainment

  • Nickelodeon releases first look at rebooted classic kids program Blue’s Clues with Filipino-American host Joshua Dela Cruz
  • How Marvel’s first featured Pinoy superhero can save society
  • This play tells the urgent story of a Filipino comfort woman
  • Will ‘Sahaya’ be the first Pinoy series on Netflix?
  • Z-GIRLS, Z-BOYS with Pinoy members to debut in Korea
  • MORE...

    Features

  • My story, and the new story of Filipino immigration
  • An appreciation of Moro food can bring Pinoy Muslims and Christians closer, says this Muslim chef
  • Showcase of PH culture, heritage
  • US and Philippines: Friends, Partners, and Allies
  • A Transgender Paradox, and Platform, in the Philippines
  • MORE...

    Tourism

  • Northern Blossom Flower Farm: Atok’s floral carpet
  • Philippines records ‘all-time high’ 7.1M tourist arrivals in 2018
  • Philippines island Boracay reopens for test run following huge cleanup
  • Philippines closes ‘cesspool’ tourist island of Boracay
  • Boracay Set to Ban Tourists for Six Months During Island ‘Rehabilitation’
  • MORE...

    Sports

  • Filipino speed skater bags spot in 2020 Winter Youth Olympics
  • Pinoy gymnast Carlo Yulo earns historic qualification in worlds
  • Finding a way to bring the NBA to the Philippines
  • First Filipino table tennis Olympian Ian “Yanyan” Lariba dies at 23
  • Skateboarder Margielyn Didal wins 4th gold for Philippines
  • MORE...

    OFW News

  • Filipino maids’ dragon boat team makes splash in Hong Kong
  • DOLE suspends OFW deployment to Kuwait
  • Some OFWs turn to vlogging to beat loneliness, share life abroad
  • Overseas Filipino Bank to serve immigrants, workers
  • The ‘bagong bayani’ of the Philippines
  • MORE...

    Environment

  • ‘Sordid Chapter’ Ends As Philippines Sends Back Canada’s Trash
  • Southeast Asia became dumping ground for plastic waste – study
  • Boracay Set to Ban Tourists for Six Months During Island ‘Rehabilitation’
  • Boracay: the good, bad and ugly sides to Philippine island for tourists
  • Luzon has greatest concentration of unique mammals
  • MORE...

    Pinoy Places
    and Faces