MANILA, Philippines — GMA Network, Inc. filed an estafa with abuse of confidence against the executives of Television and Production Exponents, Inc. (TAPE) for the alleged misappropriation of funds amounting to P37.94 million.
In a statement released by GMA on Thursday, the case has been filed before the Office of City Prosecutor of Quezon City.
The case involves TAPE executives, namely former president and CEO Romeo Jalosjos, Jr., TAPE Chairman Romeo Jalosjos, Sr., Treasurer Seth Frederick Jalosjos, former chief operating officer and current President and CEO Malou Choa-Fagar, Senior Vice President for finance Michaela Magtoto, and finance consultant Zenaida Buenavista.
“The complaint stems from respondent’s failure to remit advertising revenues collected from clients, which had been contractually assigned to GMA Network under a 2023 assignment agreement,” GMA said.
Amid multiple formal demands, GMA said funds were not transferred by TAPE, instead has been used for TAPE’s operational expenses, in violation of the trust arrangement outlined in their agreement.
“GMA Network is pursuing legal action to hold the responsible officers accountable and to recover the misappropriated amount,” it said.
As of posting time, The Manila Times is trying to reach TAPE for its reaction to the case.
