Rizal prosecutors summon retail firm execs

Top officials of a subsidiary of California-based retail firm PriceSmart Inc. were summoned by the Rizal provincial prosecutor’s office to shed light on the P38.59 million estafa case filed by their local counterpart.

Assistant Prosecutor Rodolfo Santos gave PSMT Philippines president Benjamin Woods, comptroller Zeus Aboy, vice president Robert Gans, treasurer John Heffner and director James Cahill until April 22 to submit their counter-affidavits.

In his complaint, PSMT’s William Go alleged that the five officials siphoned off PSMT funds to the principal firm through the imposition of a 4.2 precent stewardship fee from 2002 to 2003.

The fee was reportedly levied upon all mechandise purchased by PSMT from PriceSmart.

The Punongbayan and Araullo auditing firm noted, however, that charging of the stewardship fee is illegal since it was not originally part of the purchasing agreement between PriceSmart and E-Class. — Non Alquitran