DOJ indicts former bank exec

Manila, Philippines - The Department of Justice (DOJ) approved yesterday the indictment of a son of a Manila councilor for allegedly embezzling over P100 million from depositors when he was still an executive of a big bank.

In a 57-page resolution, investigating panel of prosecutors found probable cause to file charges for 87 counts of qualified theft through falsification of commercial documents against Francis Bryan Ang, son of Manila City councilor Bernie Ang and former assistant vice president in charge of the bank’s unit that provides personal service to top clients.

The DOJ cited as basis the admission of Ang in his counter-affidavit that he tampered bank documents on transactions of the clients when he was with the bank’s branch in Binondo, Manila.

“Having held the position of relationship manager of the subject accounts during all the times material to the commission of the offenses, the panel found that Ang took advantage of such position of trust and confidence when he prepared or caused the preparation of the questioned applications for fund transfers/manager’s checks and cash withdrawal slips/receipts, without the knowledge, consent or authorization of the account holders and the bank,” the DOJ ruled.

The fiscal said Ang confessed that he simulated transactions, including fund transfers, cash withdrawals and applications for manager’s checks by forging the signatures of clients in bank documents and appropriating the funds as his own and/or transferred the same to his intended beneficiaries, which included the accounts of his other clients in order to meet the rate of return he promised to them.