CA freezes accounts of Citibank former exec for embezzlement

The Court of Appeals (CA) issued a March 27 order freezing the bank accounts and assets of a former Citibank bank executive who is the son of Manila councilor Bernie Ang.   In its resolution released to the media on Tuesday, the appeals court Fifth Division ordered a 20-day freeze against the bank accounts and four motor vehicles of 37-year-old Bryan Ang, former assistant vice president of Citibank's Citigold Wealth Management group.   “In order to avoid the possibility that the funds in the subject bank accounts will be withdrawn and placed beyond the reach of law enforcers, a freeze order effective for a period of twenty (20) days from notice, is hereby issued covering the… accounts except those maintained in Fubon Bank (Hong Kong Ltd.), Tsim Sha Tsui, Hong Kong," the CA said.   Covered by the freeze order were Ang's accounts with Citibank, Banco de Oro Unibank, Citicorp Financial Services & Insurance Brokerage, East West Bank, HSBC, Rizal Commercial Banking Corp., Metrobank, Bank of the Philippine Islands, Allied Bank, Union Bank, Philippine National Bank, Sterling Bank of Asia and Union Bank.   Citibank in February 2011 asked the Anti-Money Laundering Council (AMLC) to stage an investigation and file a money laundering complaint against Ang.   The appellate court ordered the Land Transportation Office and the banks covered by the freeze order to cooperate with the AMLC during the investigation.   In its freeze order, the CA also instructed the AMLC to help the Hong Kong Special Administrative Regional of the People’s Republic of China confiscate the funds Ang deposited in Hong Kong's Fubon Bank.   Court records showed Ang supposedly defrauded Citibank clients through unauthorized fund transfers, fictitious time deposit transactions and fictitious investment products. The amounts cited were P97,003,540 and $832,000.   After Ang was caught, he supposedly admitted to Citibank investigators he transferred funds from depositors’ accounts to fund his National Business Association (NBA) collectible cards business.   The CA set the estafa case hearing against Ang on April 11.   Associate Justice Ramon Garcia penned the CA resolution, and Associate Justices Amelita Tolentino and Samuel Gaerlan concurred. —VS, GMA News