PAGCOR probes P21-M 'midnight disbursement'


Posted at Jul 06 2010 01:33 PM | Updated as of Jul 06 2010 09:33 PM

MANILA, Philippines - The Philippine Amusement and Gaming Corp. on Tuesday said it has started an investigation to identify the people behind the foiled encashment of a multi-million PAGCOR check issued during the time of former Chairman Efraim Genuino.

PAGCOR spokesman Jay Santiago said the unauthorized encashment of a P21.1 million check was foiled after a bank called up their office to clear the transaction.

Santiago said that when Cristino Naguiat assumed as PAGCOR chairman, he issued an advisory to all the banks to check with his office first before transacting PAGCOR checks and withdrawals.

He said that based on an initial investigation, a former PAGCOR employee tried to encash the P21.1 million check. The former employee was supposedly authorized by an active official of the PAGCOR.

Santiago declined to name the former and active PAGCOR employees. A Philippine Star report, however, named the former employee as a certain Pedrito Adao.

He said the check was issued during the time of Genuino.

He added that the PAGCOR chairman and the president are the authorized check signatories, but immediately cleared Genuino from the foiled unauthorized bank transaction.

Santiago said they were still in the process of identifying the people behind foiled check encashment.

Naguiat on Monday said the PAGCOR is currently looking into the possible midnight deals entered into by Genuino.

Before President Gloria Macapagal Arroyo stepped down, she extended Genuino's term as chairman of PAGCOR.

Genuino resigned even before President Aquino assumed office on June 30.