NEA files cases vs EC officials over alleged fund mismanagement

The National Electrification Administration (NEA) has taken decisive action against alleged mismanagement and irregularities in several electric cooperatives (ECs), filing cases before the Department of Justice (DOJ)

NEA Administrator Antonio Mariano Almeda spearheaded the filing alongside Deputy Administrators Omar Mayo (Electric Cooperative Management Services) and Vic Alvaro (Corporate Resources and Financial Services), together with legal teams.

The cases involve at least three ECs: Ilocos Norte Electric Cooperative, Inc. (INEC); Nueva Ecija II Electric Cooperative, Inc. – Area 2 (NEECO 2-Area 2); and First Bukidnon Electric Cooperative, Inc. (FIBECO).

INEC officials, both former and current, face charges of syndicated estafa for allegedly embezzling P118 million from the cooperative’s Employees Retirement Fund.

NEECO 2-Area 2 officials are accused of misappropriating about P250 million from retirement and internally generated funds, following a DOJ investigation that revealed a “breakdown in internal protocols.”

FIBECO is under investigation for an alleged unlawful purchase of land worth P11.55 million that never materialized, while its former general manager is charged with diverting P6 million to his personal account. These cases were previously endorsed to the DOJ.

The filing is strongly backed by DOJ Secretary Jesus Crispin Remulla, Undersecretary Jose Cadiz, Jr., and NBI Director Jaime Santiago.