City files charges vs. bank

The Cebu City Government has formally charged the management of BDO Unibank Inc. Osmeña Blvd. (formerly Jones Ave.) branch for under-declaration of their annual gross receipts.

It is the second BDO branch that the City has charged.

The City, represented by Mayor Tomas Osmeña, said that BDO violated Article 318 (other deceits), falsification by private individuals in relation to Article 171 (4) of the Revised Penal Code and violation of City Tax Ordinance LXIX, particularly Section 5 and 114.

In his affidavit, Osmeña said BDO Osmeña Blvd. branch only declared P6,986 gross sales in their 2016 business permit application.

This year, the branch’s declaration of its gross receipts ballooned to P2,308,259.82.

The huge disparity and drastic changes were unreasonable, impossible and without legal basis, Osmeña said.

Named respondents in the complaint are Teresita Sy-Coson, BDO Unibank chairwoman; Jesus Albert Jacinto, vice-chairman; Nestor Tan, president; Antonio Cotoco and Walter Wassmer, senior executive vice-presidents; the executive vice-presidents, senior vice-presidents and the bank’s directors.

Osmeña said the under declaration that BDO made caused damage and prejudice to the City after they only paid P34 in business tax.

Before the filing of the case, Osmeña issued a show cause order to the management of Osmeña Blvd. branch.

Earlier, the same charges were filed by the City against Magallanes-Plaridel branch for underdeclaration of gross receipts.