Several former and current officials of the Ilocos Norte Electric Cooperative (INEC) and First Bukidnon Electric Cooperative (FIBECO) have been charged with syndicated estafa and qualified theft before the Department of Justice (DOJ) for allegedly misusing millions of pesos from their employees’ retirement funds.
According to the National Electrification Administration (NEA), P118 million in retirement funds went missing from INEC, while around P20 million was lost in FIBECO. Six former INEC officials and a former FIBECO general manager were named in the complaints.
The National Bureau of Investigation (NBI) assisted NEA in building the cases after a major scandal in 2023 revealed the disappearance of P150 million in retirement funds from an electric cooperative in Central Luzon, dubbed the “mother of all retirement fund scams.” Following this, NEA audited other cooperatives and discovered more anomalies. A third electric cooperative is also under investigation for similar offenses. | via Dann Miranda | Photo via NEA
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