Court records show that Cahambing has been entrusted with pre-signed withdrawal slips by the Board of Directors of the Rural Bank of Basay Inc. under its account with the Rizal Commercial Banking Corporation (RCBC)-Dumaguete in the sum of P192,466.02 to process small scale loans of applicants in Dumaguete City.
Cahambing was accused that on May 4, 1998, he allegedly violated the trust and confidence reposed upon him by the board of directors, withdrew the amount of P192.466.02, and converted it to his own personal use and benefit.
Cahambing vehemently denied the charges against him.
The accused, assisted by his counsel, Raymund Mercado, clarified that he was one of the shareholders of the Rural Bank of Basay Inc.
He was also appointed as vice chairman of the Board of the Directors of the said bank.
But because Cahambing had a rift in his relationship with several members of the board, concerning the internal policies of the complainant bank, he then manifested his intention to withdraw his investment during the meeting on the board on May 2, 1998.
The meeting, however, was adjourned before the board approved the matter.
In this connection, the court agreed the counsel's defense that Cahambing cannot be held liable for the offense of estafa through misappropriation.
"The amount of P192,466.02 was part of the amount invested by the accused for his stock subscription which he could withdraw or terminate," Judge Dato rule in an 18-page decision dated June 30, 2008. (VLC)
