President and CEO of Philippines’ Rizal Commercial Banking Corporation Lorenzo Tan has resigned.
The Rizal Commercial Banking Corporation accepted the resignation of Lorenzo Tan as president and CEO of the Yuchengco-controlled financial institution effective immediately, the bank said in a statement released Friday evening.
“He resigned to give the board a free hand in directing the course of the bank’s future,” RCBC said, Philippines online newspaper rappler.com said quoting the statement.
In a separate statement, Tan said that “despite having been cleared of any wrongdoing, as president and CEO of RCBC, I take full moral responsibility for this sad incident in the history of the bank.”
Until Tan’s replacement is announced, Helen Yuchengco-Dee will oversee the bank’s operations, as president and CEO.
RCBC said that their internal investigation into the stolen $81-million Bangladesh Bank funds cleared Tan of any breach of bank rules and policies.
Part of the stolen funds was found its way to several accounts in the RCBC branch in Jupiter in Makati City also ended with in three other local casinos.
RCBC Treasurer and Executive Vice-president Raul Victor Tan resigned in April, since Maia Santos-Deguito, one of the central figures in the case, had worked under him.
Like Lorenzo Tan, RCBC’s internal investigation had cleared him of involvement in the money-laundering case.
Tan has denied this accusation, and filed civil and criminal cases against Deguito and her lawyer for libel and perjury.
He said: “As shown by RCBC’s own investigation, the allegations of my involvement in the current money-laundering issue are unfounded and baseless.” Tan added, “Despite my resignation, however, I am committed to help uncover the truth, not only to clear my name but also to bring justice to the Bangladeshi people.”
RCBC’s investigation headed by its external lawyers and SGV & Co. cleared Tan of any knowledge, involvement or participation in the unauthorized transfer to RCBC of the funds stolen from Bangladesh Bank.
Source: Dhaka Tribune
