Former chief state prosecutor named PDIC director

MANILA, Philippines - Malacañang has appointed former chief State Prosecutor Jovencito Zuño as a member of the five-man board of the state-run Philippine Deposit Insurance Corp. (PDIC) to beef up the government’s all out campaign against financial scammers and fraudsters.

The PDIC board is chaired by Finance Secretary Margarito Teves with PDIC President Jose Nograles as vice chairman. Board directors include Bangko Sentral ng Pilipinas Governor Amando M. Tetangco Jr. and private sector representatives Rogelio Manalo and J. Antonio Quila.

Zuño who was appointed to a six-year term, retired from the Department of Justice (DOJ) last February where he served as chief state prosecutor for 13 years. His tour of duty in the government spanned 35 years.

The former chief state prosecutor was appointed to PDIC due to his extensive experience relative to anti-money laundering law.

He was instrumental in the prosecution of former President Joseph Estrada who was found guilty of plunder in connection with insider trading in the Belle Corp. stocks in 2007.

His high-profile convictions include criminal cases against former Calauan Mayor Antonio Sanchez, Zamboanga del Norte Rep. Romeo Jalosjos and Hubert Webb. He was also overseeing the double murder case of publicist Salvador ‘Bubby’ Dacer and Emmanuel Corbito, and the Maguindanao massacre as well as the proposed bill increasing the salary of prosecutors.

Nograles welcomed the appointment of Zuño saying his legal and litigation expertise would assist the state-run deposit insurer’s prosecution of bank owners, officers and personnel engaged in anomalies, irregularities and fictitious transactions in banks.

The PDIC chief also pointed out that Zuño would also play a key role in PDIC’s new legislative initiatives to further strengthen the regulatory framework of the banking system.

PDIC earlier denied P204 million worth of claims from depositors of 12 affiliated banks of the controversial Legacy Group. It turned down 4,175 claims from depositors of the Legacy banks as of end-January. About 83 percent of the total claims amounting to P125 million consisting of 3,500 claims were accounts not found in bank records.

Nograles has cautioned the depositing public anew to conduct their transactions only inside bank premises and with authorized bank personnel, or risk non-payment of deposit insurance.