Retired cop sues POSLAI over deposit

A retired colonel filed charges against officials of the Manila-based Police Savings and Loan Association Inc. (POSLAI) for not releasing the P4 million he had invested in the association.

Retired Superintendent Ramon Cuenca, of 1926 Sandejas street in Pasay City, filed yesterday with the Manila Prosecutor’s Office charges of violation of Presidential Decree 1889 against Vicente Palmon, POSLAI president, his son Vicente Ray Palmon III, Renaldo Li, Cesar Barra, Armando Inabangan, Radito Perez, Felix Pineda, Cesar Tubog, Danilo Martinez, Simon Ung, Manuel Calanog Jr. and Howard Calleja, all members of the POLSAI’s board of trustees.

Cuenca’s complaint was filed after Palmon issued an appeal to POSLAI members to bear with the financial problems now being experienced by the quasi-bank.

Palmon said he welcomed the charges against him, saying it will be a chance to clear his name in court.

In his five-page complaint, Cuenca said Palmon’s group withheld the release of his P4 million time deposit, which matured on Sept. 26, 2001 and another time deposit amounting to P500,000, which will mature on Jan. 17, 2002.

Cuenca recalled that he met Palmon, then president of the Manila’s Finest Retirees Association Inc. (MFRAI), in 1999 during which the latter convinced him to invest in POSLAI.

The complainant, after several meetings, finally gave in and invested some P500,000. Over the years, the amount increased to P4 million from interest earned.

Cuenca said he tried to withdraw his deposits last September but Palmon dissuaded him from doing so.

"Palmon devised all feigned excuses to dissuade me from withdrawing my deposits . . . (and that) there was no reason for me to worry that my money would be dissipated," he noted.

Cuenca said he was not the only victim of Palmon’s deception but there were other retired Manila policemen who had filed similar complaints against Palmon’s group.

According to Cuenca, Palmon and the entire board of trustees of POSLAI could be considered now as a syndicate formed with the intention of carrying out unlawful schemes and deception of POSLAI members. – Cecille Suerte Felipe