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DOJ Files New Case Against Urban Bank Officials

11.29.2001

The Department of Justice (DOJ) has filed with the Regional Trial Court of Makati a case of estafa against Teodoro C. Borlongan and Arlene E. Afuang, former President-Chief Executive Officer and Assistant Manager, respectively, of Urban Bank, Inc. for the partial pre-termination of the money market placement of a certain Lilibeth Victoria Fajardo amounting to P1,505,448.16 by making it appear that they (accused) were authorized by Ms. Fajardo to cause such pre-termination although in truth and in fact, they were not so authorized and that as a consequence of such partial pre-termination, the amount of P1.0 million was released to accused Borlongan without any authority or instruction coming from Ms. Fajardo to the damage and prejudice of the latter, the Urban Bank, Inc., its other depositors, creditors, the Bangko Sentral ng Pilipinas and the Philippine Deposit Insurance Corporation in the amount of P1.0 million.

The DOJ has recommended bail of P40,000 for the provisional liberty of each accused.  Court records show that Mr. Borlongan already posted bail, while his co-accused remains at large. A warrant of arrest has been issued against her.

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