ESCUDERO SEEKS CLIPPING OF PCSO POWERS
Illegal funds transfer by new board, suits vs PCSO bared
| EXCLUSIVE |
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More worms are crawling out of the Philippine Charity Sweepstakes Office (PCSO) scandal after the Pajero bishops hype, this time involving the supposed whistleblowers of the bishops or the current board of the lucrative lotto agency, including a board resolution authorizing the transfer of $1.9 million funds from the state-owned Land Bank of the Philippines (Landbank) to a private bank, the United Coconut Planters Bank (UCPB) and pending criminal cases involving two members of the current PCSO board, documents supplied The Tribune showed.
A PCSO board resolution approved on Sept. 20 last year authorized the transfer of the amount placed in a time deposit account with Landbank to the UCPB.
In light of the revelations of the misuse of huge funds under the PCSO, Sen. Francis Escudero has moved to contain the discretionary powers of its board over the disbursement of charity funds.
Questions are being raised about the transfer since this is illegal because under the
law, the PCSO is mandated to deposit funds only in government banks..... MORE
Source: The Daily Tribune
URL: http://www.tribuneonline.org/headlines/20110721hed1.html
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