• NEWS
    • NATION
    • CORDILLERA
  • BUSINESS
  • GREEN
  • OPINION
    • EDITORIAL
  • FEATURE
  • FACT CHECK
  • HEALTH
  • LIFESTYLE
  • LITERATURE
  • SPORTS
  • ADVERTORIALS
  • ABOUT US
    • CONTACT US
Baguio Chronicle
  • NEWS
    • NATION
    • CORDILLERA
  • BUSINESS
  • GREEN
  • OPINION
    • EDITORIAL
  • FEATURE
  • FACT CHECK
  • HEALTH
  • LIFESTYLE
  • LITERATURE
  • SPORTS
  • ADVERTORIALS
  • ABOUT US
    • CONTACT US
No Result
View All Result
  • NEWS
    • NATION
    • CORDILLERA
  • BUSINESS
  • GREEN
  • OPINION
    • EDITORIAL
  • FEATURE
  • FACT CHECK
  • HEALTH
  • LIFESTYLE
  • LITERATURE
  • SPORTS
  • ADVERTORIALS
  • ABOUT US
    • CONTACT US
No Result
View All Result
Baguio Chronicle
No Result
View All Result
Home News

BENECO coop files for permanent injunction against unauthorized access of coop funds

Angel Castillo by Angel Castillo
August 15, 2022
in News, Top Story
Reading Time: 2 mins read
6
SHARES
22
VIEWS

THE Benguet Electric Cooperative (BENECO) has filed for permanent injunction against the Bank of the Philippine Islands (BPI), preventing it from allowing access to cooperative funds without authorization from the current signatories, Board of Directors (BOD)-appointed General Manager Melchor Licoben, and Board of Directors (BOD) President Esteban Somngi.

A restraining order against BPI issued by Baguio Regional Trial Court (RTC) Branch 7 Judge Cecilia Corazon Dulay-Archog on July 25 will lapse on August 14, but Archog is currently hearing arguments related to the BENECO petition for a permanent injunction against the bank.

The ruling came from a case levied by BENECO against BPI when the bank allowed individuals associated with the National Electrification Administration (NEA) to have full access to the coop’s deposits, as well as a breach of contract when unauthorized individuals withdrew P8.5 million from the coop’s accounts.

ADVERTISEMENT

The court, in its temporary restraining order (TRO) ruled that BPI was being “restrained from allowing any withdrawals by non-signatories from the Beneco account.”

The bank’s action came amid an ongoing legal battle between Beneco and NEA, when the power utility sued the regulatory body for supposedly violating its own rules when it replaced Licoben with Ana Maria Rafael.

Archog says the court is not recognizing either party as the official GM, which is pending court decisions. She stressed that Licoben is currently dispensing the actual functions of GM, including the use of funds to pay obligations.

“Considering further that its operations are actually under the leadership of Engineer Licoben, this Court is constrained to issue a temporary restraining order good for 20 days to restrain defendant from further allowing the withdrawal of funds from what it termed as the Beneco-Licoben account,” Archog said in her ruling.

RTC Branch 60 is meanwhile handling a similar complaint from BENECO against the Land Bank of the Philippines (LBP), which is accused of releasing P58 million from the Benguet sitio electrification fund of BENECO.

 

ADVERTISEMENT
Previous Post

Magalong wants proposed P50 congestion fee raised

Next Post

BENECO to settle P245m worth of unpaid dues amid leadership standoff

Angel Castillo

Angel Castillo

Angel graduated with a bachelor's degree in Journalism from the University of the Philippines Baguio. As the youngest on the team, he writes on mental health and well being, and the millennial’s point of view.

Related Posts

Kalinga dads ask rocknetting to stop, funds investigated

June 10, 2023

UP Baguio community asks admin to pressure gov on Bazoo and Dex case

June 1, 2023

Free meals for needy college students eyed

Baguio seeks more incentives for athletes, coaches

Five more construction projects in Baguio watersheds stopped

Baguio eyes issuance of bonds to finance city projects, move away from PPP

Latest Stories

Kalinga dads ask rocknetting to stop, funds investigated

June 10, 2023
Nina Aguas talks of good corporate governance as a way of life at InLife

Nina Aguas talks of good corporate governance as a way of life at InLife

June 2, 2023

Grassroots etc. – A sense of loneliness

June 1, 2023

Baguio Chronicle

 

The Baguio Chronicle is the fastest- growing news publication in Northern Luzon today. It was established on December 6, 2009 in Baguio City.

© 2022 The Baguio Chronicle Website Design and Development by Neitiviti Studios.

No Result
View All Result
  • NEWS
    • NATION
    • CORDILLERA
  • BUSINESS
  • GREEN
  • OPINION
    • EDITORIAL
  • FEATURE
  • FACT CHECK
  • HEALTH
  • LIFESTYLE
  • LITERATURE
  • SPORTS
  • ADVERTORIALS
  • ABOUT US
    • CONTACT US

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In