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.

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