Hold departure order vs Meralco execs sought

MANILA, Philippines - A consumer group wants officials of the Manila Electric Co. (Meralco) barred from leaving the country pending the syndicated estafa charge filed against them in connection with P899 million meter fee and deposit scandal. Led by its president Pete Ilagan, the National Association of Electricity Consumers (Nasecore) on Monday filed a motion for the issuance of a hold departure order before the Pasig regional trial court branch 71 against 17 Meralco officials. Ilagan alleged that the corporate owners of Meralco are flight risks considering the huge amount involved in the case. Covered by the hold departure ordered are Meralco president Manuel Lopez, Felipe Alfonso, Jesus Francisco, Arthur Defensor Jr., Gregory Domingo, Octavio Victor Espiritu, Christian Monsod, Federico Puno, Washington Sycip, Emilio Vicens, Cesar Virata, Francisco Viray, Daniel Tagaza, Rafael Andrada, Helen De Guzman, Antonio Valera, and Manolo Fernando. Nasecore earlier filed the syndicated estafa case against several ranking Meralco officials over the electric firm’s alleged misappropriation of at least P889 million in interest earned from the consumers' meter and bill deposits. The group claimed that the P889 million had been declared by the company as automatic income for its stockholders as shown in the company’s 2006 financial statements. Last August 22, the Department of Justice found probable cause against the Meralco officials for the commission of estafa. The department said that the respondents, being members of the board of directors and/or ranking officials, committed "felonious acts" that resulted in the misappropriation of funds which had been solicited/collected by Meralco from consumers desiring to engage its services as a distribution utility. - GMANews.TV