NBI arrests fugitive ex-bank executive in Baguio

BAGUIO CITY, Philippines  – Agents of the National Bureau of Investigation collared a fugitive former high ranking bank executive convicted by a Quezon City court for violating Banko Sentral ng Pilipinas (BSP) laws.

Gamaliel Laeda, former assistant vice president for loans of the Quezon City based-Homeowners Savings and Loans Bank was cornered from his lair at New Lucban barangay here Thursday afternoon by agents of the NBI-Central Office Anti-Fraud Division with the assistance of the NBI-Cordillera.

Lawyer Minnie Retanal, agent-on-case from the NBI’s Anti-Fraud Division said Laeda managed to cart away at least P70 million from supposed bank clients’ hard earned money and embezzling it to his own account via his firm Golden Tiara Investors.

Stanley Dalayon of the NBI-Cordillera said because Laeda knew exactly how loans worked being a highly-placed officer of the bank, he was able to manipulate documents without the knowledge of bank clients to appear they acquired a loan.

When the bank started to claim payments of the loans, the clients complained, Dala­yon said.

NBI-Cordillera director Manuel George Juralbal said perhaps this is the first case in the country where a convict of a BSP infraction was collared.

Laeda was convicted of violating provisions of the directors, officers, stockholders and related interests (Section 83 of the General Banking Law RA 357) in relation to Section 36 of the Central Bank Act (RA 7625) by Branch 222 of the Regional Trial Court in Quezon City on July 21, 2007.

“He issued loans without proper documentation and did it not in accordance with the provisions of DOSRI,” Retanal said. He even falsely imputed loans to individuals, she added.

Dalayon said Laeda, who will be thrown to jail in Quezon City for six years, even jumped bail three years ago.

The former bank executive also was ordered by the court to pay P50,000 as fine and shoulder all the cost of the litigation of the case.