A New York bank which allegedly issued bank certification to an unlicensed third-party auditor in the Philippines and which was subsequently hired to audit online gaming operators said this week it never issued any such documentation.
Soleil Chartered Bank (SBC) was last week named as the bank which issued such certification to audit firm Global ComRCI, which in 2017 was awarded the 10-year contract to track the revenues of licensed POGOs (Philippine Offshore Gaming Operators) and ensure they were paying the appropriate amount of tax. However, it was also revealed last week that Global ComRCI is not registered in the Philippines, did not supply correct documentation in its bid and that SBC itself is unlicensed in the Philippines.
According to a report by The Manila Standard, SBC has now denied having ever issued bank certification to Global ComRCI and appears to suggest that such documentation had been falsified.
Instead, SBC business liaison Ali Abbas said Global ComRCI does not have an account with the bank and that the letterhead used in the bank certificate “is not the letterhead used by SCB New York.”
The document “does not conform to the regulated banking form in New York whether for bank certificates or for bank guarantees,” Abbas said, adding that the bank does not issue such certification directly to clients anyway.
In response, Philippines gaming regulator PAGCOR issued a statement noting that it was currently reviewing all contracts signed by previous management, including that of Global ComRCI.
“PAGCOR’s new management is revalidating the veracity of the documents submitted by its third-party auditor, Global ComRCI,” it said.
“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.
“PAGCOR would like to thank Senator Sherwin Gatchalian for shedding light on this issue during the senate investigation on January 23, 2023.
“The state-run gaming firm reassures the public that it is conscientiously looking into the matter and will take the necessary actions to safeguard public interest. Further, PAGCOR upholds strict adherence of its offshore licensed operators and accredited service providers to whatever laws which may be applicable to them.”
RelatedPosts
