By Leilanie Adriano
LAOAG CITY – The National Bureau of Investigation (NBI) has been tasked to look into the alleged mismanagement that resulted in PHP118 million missing from the Ilocos Norte Electric Cooperative’s (INEC) retirement fund.
This came after the current INEC management filed a syndicated estafa complaint against six former and current officials of the cooperative accused of mishandling the fund.
In an interview on Friday, INEC acting general manager Cipriano Martinez said the complaint was filed with the NBI on Thursday.
Martinez said he was accompanied by National Electrification Administration (NEA) administrator Antonio Mariano Almeda in filing the complaint.
“We will spare no effort to ensure that all INEC officials involved in the mismanagement of the retirement fund shall be held accountable for the mishandling and/or misuse of the retirement funds of INEC employees who have dedicated years of their life in the service of INEC,” the new INEC management said in a statement.
In May last year, the cooperative’s Retirement Committee started its own investigation into the utilization and management of the Employee’s Retirement Benefits Program (ERBP) fund upon the discovery that some PHP118 million was missing.
As of this posting, the new INEC management has declined to identify the six former and present officials that were named respondents in the complaint pending results of the investigation.
Republic Act 4917, enacted in 1967 during the time of then-President Ferdinand E. Marcos Sr., states that retirement funds cannot be utilized for any other purposes whatsoever as it is specifically intended for the retirement benefits of employees. (PNA)
