The central bank has alerted a Senate panel that a certification presented by the third-party auditor that is now subject of an internal review by the Pagcor has been disowned by the issuing bank.
THE central bank has alerted a Senate panel that a certification presented by the third-party auditor that is now subject of an internal review by the Philippine Amusement and Gaming Corp. has been disowned by the issuing bank, prompting Sen. Sherwin Gatchalian to label it as outright “spurious,” possibly the subject of the next hearing.
On Friday, Gatchalian revealed that Bangko Central Governor Felipe Medalla, in a letter to him, reported receiving a statement by Soleil Capitale’s Chief Executive Officer Raj C. Astavakra, that the company’s affiliate Soleil Chartered Bank is based abroad and does not operate within the Philippines. Thus, it would not issue any such certification.
He recalled that Global ComRCI consortium entered into a 10-year, P6 billion contract with Pagcor to conduct an independent audit of POGO’s gross gaming revenues. During the last Senate hearing, Pagcor presented a bank guarantee purportedly issued by Soleil to Global ComRCI in the amount of $25 million, noting that under Pagcor’s Terms of Reference , an entity needs to meet the P1-billion requirement to be qualified as a third-party auditor.
Pagcor added that its “new management is revalidating the veracity of the documents submitted by its third-party auditor, Global ComRCI. Should Pagcor be able to prove that the documents submitted were spurious, it will immediately take legal action and cancel the contract of its third-party auditor, if found warranted.”
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