GSIS files complaint against former Equitable directors

The Government Service Insurance System (GSIS) has filed a criminal complaint against five former officers of Equitable PCI Bank (EPCIB) for alleged violations of the securities law. Accused were Roberto Romulo, Antonio Go, Anthony Conway and Peter Go Pailan, members of the EPCIB board of directors, and board secretary Nilo T. Divina. The complaint was filed on June 16 by Winston F. Garcia, GSIS president and general manager, with the Department of Justice. Preliminary hearing of the case was set for June 22 by the DOJ after subpoenas were sent to the respondents. In his complaint, Garcia said that Romulo was elected as an independent director of EPCIB for the past two years even though he was not qualified. Despite knowledge that Romulo was not qualified, Go, Conway and Go Pailan did not disqualify Romulo from running for the EPCIB board. Garcia said under the Securities Regulation Code, an independent director must not be an officer or employee of the corporation where they will serve. The independent director must not have been a director, officer or employee of any affiliate, subsidiary or related company. According to Garcia, Romulo is a member of the board of directors of Equicom Systems Management, Inc., a company which is a joint venture of the Equitable Group and Telus International as claimed in its website. Romulo is also chairman of the board of directors of Equitable Card Network, Inc., a subsidiary of EPCIB, Garcia added. The GSIS official said that the actions of the respondents violated Article 318 of the Revised Penal Code, which is punishable by imprisonment from one month to six months. If convicted, they shall also be fined for not more than twice the amount of the damage caused. According to Garcia the “deceits" of the respondents caused damage and prejudice to the more than 200 stockholders of EPCIB, including the GSIS and the Social Security System which holds substantial shares in the bank. - GMANews.TV