GMA Network has filed a criminal complaint against several Television and Production Exponents, Inc. (TAPE) executives for alleged misappropriation of ₱37,941,352.56 in advertising revenues. The complaint, filed with the Quezon City Prosecutor’s Office, names former and current TAPE executives, alleging breach of a 2023 trust agreement.
Quezon City, Philippines — GMA Network, Inc. has escalated its legal battle against Television and Production Exponents, Inc. (TAPE) by filing a criminal complaint for estafa with abuse of confidence against key officers of the production company. The complaint, submitted to the Office of the City Prosecutor of Quezon City, alleges misappropriation of funds amounting to a staggering ₱37,941,352.56.
The high-profile case names several TAPE executives as respondents, including Romeo Jalosjos, Jr. (former President and CEO), Romeo Jalosjos, Sr. (Chairman of the Board), Seth Frederick “Bullet” Jalosjos (Treasurer), Malou Choa-Fagar (former COO and current President and CEO), Michaela Magtoto (former Senior Vice President for Finance), and Zenaida Buenavista (Finance Consultant). GMA’s complaint revolves around the alleged failure of these individuals to remit advertising revenues contractually assigned to GMA under a 2023 Assignment Agreement.
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Breach of Trust Arrangement
According to GMA Network, the advertising revenues were supposed to be transferred as part of a trust arrangement detailed in the 2023 agreement. These funds, however, were reportedly diverted to cover TAPE’s operational expenses, a move that the network claims directly violates the terms of their agreement. Despite repeated formal demands for the transfer of the funds, GMA alleges that TAPE’s executives failed to comply, prompting the filing of the estafa complaint.
“This is not merely a contractual dispute but a breach of trust that undermines the integrity of our business dealings,” a GMA Network representative said in a statement. “We are pursuing this case to hold the responsible parties accountable and to recover the funds that rightfully belong to GMA.”
Key Individuals Implicated
The complaint highlights the roles played by the named respondents in the alleged scheme. Romeo Jalosjos, Sr. and Romeo Jalosjos, Jr., both prominent figures within TAPE, are accused of orchestrating the diversion of funds. Meanwhile, Malou Choa-Fagar, who has recently assumed the role of TAPE’s President and CEO, is alleged to have played a significant role in facilitating the misappropriation during her tenure as Chief Operating Officer.
Michaela Magtoto and Zenaida Buenavista, both with significant responsibilities in TAPE’s financial management, are also implicated for their alleged involvement in the unauthorized use of the funds. GMA Network’s complaint argues that these individuals collectively abused their positions to mismanage revenues assigned to GMA.
Legal and Industry Implications
This case marks a significant legal confrontation between two major players in the Philippine entertainment industry. GMA’s decision to pursue criminal charges underscores its commitment to corporate accountability and financial integrity. Legal experts have noted that if the respondents are found guilty, they could face severe penalties, including imprisonment and restitution of the misappropriated amount.
The controversy also casts a spotlight on the challenges of financial governance within the entertainment sector. Analysts suggest that the outcome of this case could set a precedent for how similar disputes are handled in the future.
Moving Forward
GMA Network’s legal action sends a strong message about its stance on ethical business practices. As the case unfolds, the network is expected to present compelling evidence to support its claims, including documentation of the trust agreement and records of the alleged fund diversions.
“This is a matter of principle and accountability,” the GMA representative added. “We trust that the legal process will ensure justice is served.”
As the Philippine entertainment industry watches closely, this case serves as a cautionary tale about the importance of honoring contractual commitments and maintaining transparency in corporate dealings. The resolution of this legal battle will undoubtedly have far-reaching implications for both GMA and TAPE, as well as the broader industry landscape.