Plunder of PNCC Gratuity Fund (7)

COMMISSION on audit also discovered another carefully-hatched manipulative act by This Board and previous Philippine National Construction Corp. Management relative to subject gratuity benefit, thus: the Subsidiary Ledger of this gratuity account maintained at the Philippine National Bank (“PNB”) under PNB Account No. 0520 revealed that this account is the one used for deposits of toll collections representing income of PNCC.

Surprisingly, the same account is being used for cash transfers to different bank accounts, some of which pertain to the account of PNCC Retirement Trust Fund.

The following are some of the bank accounts to which funds from the PNCC Retirement Fund were being transferred, to wit: BPI Current Account No. 4161-0030-99; PNB Savings Account No. 673-509874-6; PNB TCPC Current Account No.265-832492-9; Bank of Commerce Current Account No. 008-00-000570-4; and PNB Current Account No. 391183400029; Postal Savings Bank, Inc.; Land Bank Current Account No. 672-1022-00.

Even cash-advanced bene-fits were debited to this PNB Account No. 0520, aside from  payments for other maintenance and operating expenses.

Previous PNCC Management’s intent to treat subject gratuity benefit AS THEIR OWN appears evident through the designation, alone, of the fund  accounts’ signatories, which include Ma. Theresa F. Defensor-Asuncion, President & CEO; Segundo M. Gaston, SVP-Head, Support Services Group; Miriam M. Pasetes, SVP-Chief, Finance Officer; and Glenna Jean R. Ogan, VP-Head, Corporate Legal Division.

All of them are authorized as signatories to the trust fund account, said the COA.

And COA found some more!

There were OTHER/ADDITIONAL benefits received by the members of the PNCC Retirement and Trust Fund Board together with its executives, Corporate Secretary and Staff in the total amount of P1,491,800.00, all drawn from the indicated retirement gratuity fund.

They include allowances for CY 2007 to CY 2010 (P1,069,300.00; Bonus for CY 2008; P130,000.00; Midyear-bonus, P130,000.00; and Bonus for CY 2009, P182, 500.00. (TO BE CONTINUED)

About Gwenn

You must be logged in to post a comment Login

Leave a Reply