Former steel exec charged with theft
MANILA, Philippines — Former JacintoColor Steel executive Sissie Bongat and her husband have been charged with four counts of qualified theft before a Quezon City court.
Bongat allegedly took advantage of the COVID-19 lockdown to commit fraud by using company credit lines to purchase raw materials worth P648 million.
She allegedly diverted materials worth P420 million to steel coil traders at about half the purchase price, enabling them to profit illegally, resulting in big losses to Jacinto Steel.
The indictment follows a two-year preliminary investigation by the city prosecutor’s office. Bongat is also charged with falsification of commercial documents for allegedly altering wire transfer amounts.
Her husband Christopher Foronda Bongat is allegedly a conspirator.
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