GMA Network, Inc. has filed a criminal complaint for estafa with abuse of confidence against several key officers of Television and Production Exponents, Inc. (TAPE), alleging the misappropriation of ₱37,941,352.56 in advertising revenues.

Filed before the Office of the City Prosecutor of Quezon City, the complaint names six high-ranking TAPE officials as respondents. These include former President and CEO Romeo Jalosjos Jr., Chairman of the Board Romeo Jalosjos Sr., Treasurer Seth Frederick “Bullet” Jalosjos, former COO and current President and CEO Malou Choa-Fagar, former Senior Vice President for Finance Michaela Magtoto, and Finance Consultant Zenaida Buenavista.

GMA said the complaint stems from the respondents’ failure to remit advertising revenues that had been contractually assigned to the network under a 2023 assignment agreement. The funds were never transferred to GMA. Instead, they were allegedly diverted for TAPE’s operational expenses — an act that violated the trust arrangement stipulated in the agreement.

“Despite multiple formal demands, the funds were not transferred to GMA because they were instead used for TAPE’s operational expenses, in violation of the trust arrangement outlined in the agreement,” the network said.

The network said it is pursuing legal action “to hold the responsible officers accountable and to recover the misappropriated amount.”