The Charges
While Urban Bank was closed on the basis of illiquidity, its officers were accused of having a hand in the closure, through accusations from the BSP and the PDIC against thirteen Urban Bank officers and employees, including Teodoro Borlongan. With the BSP and the PDIC acting as complainants, they filed a total of five criminal complaints before the Philippine Department of Justice, from June 26 until November 15, 2000. Four of the complaints were for alleged estafa while two were related to economic sabotage. All charges were filed after the closure of Urban Bank.
For more information on many of the cases filed by Borlongan, see: NSP.gov.ph
Read more about this topic: Urban Bank
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