THE Regional Trial Court of Benguet has convicted former officers of the Cooperative Bank of Benguet Inc. (CBB) for violating the Bangko Sentral ng Pilipinas (BSP) Manual of Regulations for Banks (MORB) and the New Central Bank Act.
The criminal case was based on the complaint filed by the BSP against former CBB assistant general manager/manager Jesusa Ligligen and former branch manager Richard Antonio, who were found to have granted loans that violated the ceilings and reportorial requirements for directors, officers, stockholders and related interests.
The BSP continues to maintain the soundness of the financial system and protect public interest while ensuring that banks are compliant with existing laws, rules, and regulations.