NEWSFLASH 

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ROCK AND ROLL STAR “RJ” JACINTO ORDERED ARRESTED

Mandaluyong City, March 17, 2000 - The Mandaluyong Regional Trial Court (RTC) has ordered the arrest of Ramon “RJ” Jacinto and other aides for the alleged bilking of funds at First Women’s Credit Corp. (FWCC). Jacinto and other FWCC executives were accused of fund diversion and other corporate fraud.

Judge Edwin Sorongon of the Mandaluyong RTC Branch 214 issued the arrest warrant last March 13 for several criminal cases following the Department of Justice (DOC) decision to prosecute.

Also ordered arrested was Angelo Bonoan Jr., a bank official who allegedly allowed the illegal recall of FWCC’s money market placements. The funds, according to the complaint, were used to bail out various failing ventures of Jacinto, who rose to fame in the 70s as a rock and roll singer-guitarist. He revived his career in the 80s with the opening of several “Bistro RJ” bar-restaurants and a rock radio station DZRJ.

The rocker-businessman also faces a Los Angeles Superior Court criminal suit for allegedly defrauding his American partner, Shig Katayama, of $14 million in the botched purchase of the Philippine National Bank (PNB) prime lot on Buendia Ave., corner Paseo de Roxas, Makati City.

Related to the L.A. suit are other criminal and civil cases, for allegedly misleading Katayama into believing he was still a shareholder of a new firm that took over rights to the Buendia property. The American investor later discovered that Jacinto had not registered his proper share with the Securities and Exchange Commission (SEC).

To prevent further depletion of its resources, the SEC has ordered an interim management committee to oversee operations at FWCC. Jacinto has defied the SEC orders, however, and secured the firm’s offices with heavily-armed guards. He has also reportedly told executives, including those assigned to provincial branches, to ignore requests for information by the SEC-appointed management committee.

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