BACOLOD CITY – The chief financial officer of Vallacar Transit Corporation (VTC) has accused its former president of making several fund withdrawals without the approval of the management. ADVERTISEMENTA company memorandum, she said, mandates that fund withdrawals require the approval of the board of directors, a requirement which Leo Rey allegedly did not comply with. Fund withdrawalsYanson-Lopez said the management discovered Leo Rey’s withdrawals only from the period from June 1 to June 17 of this year. “There is a possibility that the former company president had been doing the unauthorized withdrawals even before,” she said in a press release. Leo Rey said he was also only exercising a power exercised since their father was president.

Source: Philippine Daily Inquirer July 11, 2019 10:07 UTC