AMA Rural Bank employees refuse to turn over bank records –PDIC

Employees of the recently-closed AMA Rural Bank (RB) of Mandaluyong, Inc. refused to turn over their individual accountability records to the Philippine Deposit Insurance Corporation (PDIC), the PDIC said in a Friday statement.

A week ago, the PDIC took over AMA RB after the Monetary Board, the policy-making body of the Bangko Sentral ng Pilipinas, ordered its closure on November 7.

"On takeover date, bank employees were enjoined to account for and turn over records and other accountabilities to the PDIC, but refused. The PDIC gave the bank employees 24 hours from receipt of the written demand to report to the Receiver," explained the PDIC.

However, AMA RB employees have yet to comply with the PDIC's order.

Without the bank records, the PDIC would not be able to immediately pay depositors' claims for insured deposits.

According to the PDIC Charter or Republic Act 3591, the "refusal to turn over or destroying or tampering bank records by any director, officer, employee or agent of a bank are considered as criminal acts."

The law states that those found guilty of these acts are 'punishable with imprisonment of not less than six (6) years up to twelve (12) years or a fine of not more than P10 million, or both, at the discretion of the court.'

Given the resistance of the AMA RB, the PDIC assured the public that it will not hesitate to use "the full force of the law to safeguard the interest of the depositing public," and all possible measures would be taken to speed up the turn over of bank records.

Starting November 21, the PDIC would hold a series of meetings with affected depositors and borrowers. — Angelica Y. Yang/DVM, GMA News