The Philippine Amusement and Gaming Corp. (PAGCOR), which regulates casinos in the country and also operates its own Casino Filipino brand, has announced it will terminate the contract of Global ComRCI, an auditor engaged to oversee Philippine Offshore Gaming Operations (POGOs).
PAGCOR alleges that the auditor provided misleading documentation to land the contract, including a falsified certification from Soleil Chartered Bank’s (SCB) New York branch. The bank says it never issued the certification, and according to Inside Asian Gaming, the auditor had no accounts with the bank and used the wrong letterhead in the apparently bogus document.
Using caps for emphasis, PAGCOR stated that it has “determined the Third-Party Auditor to be IN DEFAULT of its obligations and prima facie evidence to have committed UNLAWFUL ACTS.”
It promised to “explore all legal remedies available for the restitution of more than PHP800 million (US$14.49 million) out of the partial amount released to Global ComRCI prior to the assumption of the current administration as well as damages it has caused to the corporation.”
Before that happens, the auditor will be allowed to defend itself before lawmakers. Meanwhile, until it can identify a suitable auditing firm, PAGCOR said it will do the job itself, and “temporarily undertake auditing functions for its offshore licensees until it is able to contract another third-party auditor through a transparent and strict bidding process.”
PAGCOR reiterated its “commitment to uphold the integrity of the gaming industry in the country so that all revenues from regulated gaming will continue to support the government’s nation-building efforts and uplift the lives of Filipinos.”
Global ComRCI’s contract with PAGCOR first took effect in December 2017.
