Metropolitan Bank suffers USD34 million in employee fraud

From HRD, “Metropolitan Bank in the Philippines has been penalised for allowing employee fraud to occur.

Four months after the arrest of Maria Victoria Lopez, former vice president of Corporate Service Management Division of Metropolitan Bank and Trust Company, the Monetary Board of the Philippine central bank ordered sanctions on the bank for the P1.75-billion (US$34.7 million) fraud she had allegedly perpetrated.

Lopez faces charges of qualified theft through falsification of commercial documents, and falsification of commercial documents, which was a violation of the General Banking Law of 2000.

The 54-year-old executive, who had been with the bank for more than 30 years and was earning P250,000 (US$4,900) per month, allegedly authorized two bogus loans in the name of food giant Universal Robina Corp. so she could issue four cashier’s checks and a promissory note.

In the days following the discovery of the fraud, the publicly-traded bank – second-largest in the country in terms of assets — lost as much as P14 billion in its market value.”

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