Father of Citibank executive accused of bank fraud defends son

MANILA, Philippines - Manila 3rd district Councilor Bernie Ang on Monday defended his son Francis Bryan Ang, former executive of Citibank who was accused of bank fraud, and stressed that “he is not guilty and not in hiding.”

In a statement, Ang guaranteed that his son will face all the accusations “unjustly hurled” against him at the proper time and forum.

Ang’s statement came in the wake of reports that Francis is “wanted” for having “stolen” millions of pesos from the bank’s rich Chinese-Filipino clients.                     

“How could he be wanted when there is yet to be a preliminary investigation and no arrest warrant has been issued against him?” the councilor said.

Ang said that while his son now fears for his life for going against a big, multi-national company, he gave assurance that Francis is ready to talk about what he knows to prove his innocence.              

Bryan Ang, a former assistant vice president for the Citigold Wealth Management unit of Citibank Binondo branch, was charged with allegedly running off with millions from wealthy Citibank depositors.

Ang said that Francis “is a powder keg ready to explode anytime kaya inunahan siya (so they jumped the gun on him).”                           

Before his son was accused of duping rich bank clients, Ang said Francis made known to his superiors his disappointment over some alleged bank “anomalies” and threatened to expose the same before the media if nothing is done about it.                                                

He said that his son’s supposed uncovered anomaly came out in the open even before an investigation could start.

Ang said normally, banks would keep everything under wraps since issues like this will create a bad impression and will scare off bank depositors.

The councilor said that rich Chinese-Filipinos, such as those mentioned as sources, would not dare go out in public and expose their wealth.  

He expressed doubts about reports that the other complainants would not come out in the open as they are yet to be paid by the bank. 

Ang noted that under Central Bank regulations, a bank is mandated to pay its clients should they be victimized by any of its employees, whether or not they come out in public.

He also revealed receiving threats through his cellular phone after releasing the statements.

He said that he received a text message around 10 a.m. yesterday asking what he and his son are planning to expose.

“Ano ang balak ninyo i-expose ni Francis? Magdahan-dahan kayo baka di kayo tumagal (What are you and Francis planning to expose? You should slow down lest you don’t last),” said Ang quoting the text message.

He said he is trying to track the number of the texter, although he doubts if it came from Citibank itself. 

Ang said he suspects that the text message must have come from someone who will be adversely affected by his son’s supposed exposé.

Citibank airs side

Meanwhile, Citibank sent The STAR a statement regarding its position on the case.

“We are investigating certain questionable transactions initiated by an employee whose employment has since been terminated. We have filed criminal and civil cases against him, supported by his own admissions and very strong documentary evidence,” the statement reads.

According to the statement, the bank has already “identified a small number of clients who were impacted and they are reviewing these accounts.”

They said their priority is to work closely with these clients to ensure a satisfactory outcome. “The client accounts that incurred losses as a direct result of this incident will be refunded in full,” the statement reads.

They said that Councilor Ang’s statements that came out in another broadsheet about the alleged “persecution” of his son and the “exposé” Francis Bryan Ang supposedly provided to Citibank management were totally false. 

“The only information Francis Bryan Ang provided to management was to admit to his own wrongdoings, which he disclosed voluntarily in writing and under oath, once he was confronted with the evidence. We are working closely with local authorities and we are confident that (Francis Bryan Ang’s) admissions, together with other evidence that has been uncovered, will clearly show that he has defrauded clients who trusted him,” the bank said.

They said they will pursue the matter vigorously and hope that the City Prosecutor of Manila will act quickly on their complaint given the public interest involved.