17 Meralco execs to face estafa charges (1 p.m.)
NATIONAL Association of Electricity Consumers for Reforms (Nasecore) filed major estafa charges before the Department of Justice (DOJ) on Thursday against 17 Manila Electric Company (Meralco) executives, including chairman Manolo Lopez, vice chairman Felipe Alonso and chief and chief operating officer (COO) Jesus Francisco.
The consumers’ action group said Meralco allegedly converted and declared the P889 million interests from meter and bill deposits of consumers as income.
Nasecore president Petronilo Ilagan said all deposits under the customer deposit accounts have been earning interest, citing that Meralco has violated the people’s trust and that there has to be a court order to get the money back.
Leonardo Aurelio, Nasecore’s lawyer, also said the case is classified as estafa because the power giant tinkered with the trust fund involving the deposits of customers.
This is not the first time Nasecore brought out the complaint as they had already brought it to the Securities and Exchange Commission (SEC) in 2007.
(Sunnex)
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