C08491-2023

SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)
Dec 4, 2023
2. SEC Identification Number
17514
3. BIR Tax Identification No.
000-599-760-000
4. Exact name of issuer as specified in its charter
RIZAL COMMERCIAL BANKING CORPORATION
5. Province, country or other jurisdiction of incorporation
Philippines
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
6819 Ayala cor. Gil J. Puyat Ave., Makati City Postal Code 0727
8. Issuer's telephone number, including area code
8894-9000
9. Former name or former address, if changed since last report
Not Applicable
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common 2,419,536,120
11. Indicate the item numbers reported herein
-

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Rizal Commercial Banking CorporationRCB

PSE Disclosure Form 4-26 - Legal Proceedings References: SRC Rule 17 (SEC Form 17-C) and
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

Court of Appeals’ Resolution dated November 20, 2023
Background/Description of the Disclosure

In 2020, former and present directors of RCBC were impleaded as respondents in the case docketed as IPG A.C. 2020-005, entitled “Inang Nag-Aaruga sa Anak Foundation et al. vs. Eugene S. Acevedo, et al.” which, prior to its dismissal, was pending before the Office of the General Counsel and Legal Services, Investigation and Prosecution Group of the BSP (“BSP OGLS-IPG”) (specifically, Eugene S. Acevedo, Arnold Kai Yuen Kan, Lorenzo V. Tan, Helen Y. Dee, Cesar E. A. Virata, Wilfrido E. Sanchez, Maria Celia H. Fernandez-Estavillo, Florentino M. Herrera, Yvonne S. Yuchengco, Minki Brian Hong, Roberto F. De Ocampo, Tim-Chiu R. Leung, Medel T. Nera, Tze Ching I. Chan, Richard G. A. Westlake, John Law, Yuh Shing Peng, Armando M. Medina, Francisco C. Eizmendi, Jr., Antonio L. Alindogan Jr., Francis G. Estrada, Gil Buenaventura, Juan B. Santos, Adelita A. Vergel De Dios, Lilia R. Bautista, Gabriel S. Claudio, Vaughn F. Montes, Shih-Chiao Lin and Laurito E. Serrano)

In a Resolution dated 20 August 2021, the BSP OGLS-IPG dismissed the administrative complaint filed by Inang Nag-aaruga sa Anak Foundation and several complainants against former and current directors of RCBC for lack of basis, both in fact and in law.

In a Resolution dated 22 October 2021, BSP OGLS-IPG denied with finality the Motion for Partial Reconsideration of the Complainants for lack of merit.

In December 2021, counsel for the former and present directors of RCBC received a copy of the Petition for Review dated 20 November 2021 of the complainants in the said case, appealing BSP’s judicious dismissal thereof to the Court of Appeals.

On March 15, 2023, RCBC received from counsel a copy of the Court of Appeals’ Decision dated February 28, 2023, affirming with modification the Resolutions dated 20 August 2021 and 22 October 2021 issued by the BSP OGLS-IPG. The modification pertains to the Court of Appeals' ruling that BSP OGLS-IPG properly acquired jurisdiction over the person of Liza P. Arzaga; and, thus, the Court of Appeals ordered that the case be remanded to BSP OGLS-IPG for proper adjudication of Liza P. Arzaga's possible administrative liability.

In April 2023, the Bank received from counsel the complainants’ Motion for Partial Reconsideration dated April 5, 2023. The Bank will oppose the Motion in due course.

On December 4, 2023, RCBC received from counsel a copy of the Court of Appeals’ Resolution dated November 20, 2023, denying complainants’ Motion for Partial Reconsideration dated April 5, 2023.
Name of the court or agency in which the proceedings are pending Court of Appeals
Date Instituted Dec 2, 2021
Docket Number CA-G.R. SP No. 171098
Principal Parties

Petitioners

Inang Nag-Aaruga sa Anak Foundation, Ma. Teresa P. Cruz-Evangelista, Felipe Ferdinand P. Cruz III, Christopher P. De Venecia, Ma. Georgina V. Perez-De Venecia, Ma. Asuncion P. Ampil and Veronica F. Roxas.

Respondents

Helen Y. Dee, Lorenzo V. Tan, Cesar E.A. Virata, Wilfrido E. Sanchez, Maria Celia H. Fernandez-Estavillo, Florentino M. Herrera, Yvonne S. Yuchengco, Minki Brian Hong, Roberto F. De Ocampo, Tim-Chiu R. Leung, Medel T. Nera, Tze Ching I. Chan, Richard G. A. Westlake, John Law, Yuh Shing Peng, Armando M. Medina, Francisco C. Eizmendi, Jr., Antonio L. Alindogan Jr., Francis G. Estrada, Gil Buenaventura, Arnold Kai Yuen Kan, Juan B. Santos, Adelita A. Vergel De Dios, Lilia R. Bautista, Gabriel S. Claudio, Vaughn F. Montes, Shih-Chiao Lin, Laurito E. Serrano, Eugene S. Acevedo, and Liza P. Arzaga.
Nature and description of the legal proceedings

In 2020, former and present directors of RCBC were impleaded as respondents in the case docketed as IPG A.C. 2020-005, entitled “Inang Nag-Aaruga sa Anak Foundation et al. vs. Eugene S. Acevedo, et al.” which, prior to its dismissal, was pending before the Office of the General Counsel and Legal Services, Investigation and Prosecution Group of the BSP (“BSP OGLS-IPG”) (specifically, Eugene S. Acevedo, Arnold Kai Yuen Kan, Lorenzo V. Tan, Helen Y. Dee, Cesar E. A. Virata, Wilfrido E. Sanchez, Maria Celia H. Fernandez-Estavillo, Florentino M. Herrera, Yvonne S. Yuchengco, Minki Brian Hong, Roberto F. De Ocampo, Tim-Chiu R. Leung, Medel T. Nera, Tze Ching I. Chan, Richard G. A. Westlake, John Law, Yuh Shing Peng, Armando M. Medina, Francisco C. Eizmendi, Jr., Antonio L. Alindogan Jr., Francis G. Estrada, Gil Buenaventura, Juan B. Santos, Adelita A. Vergel De Dios, Lilia R. Bautista, Gabriel S. Claudio, Vaughn F. Montes, Shih-Chiao Lin and Laurito E. Serrano)

In a Resolution dated 20 August 2021, the BSP OGLS-IPG dismissed the administrative complaint filed by Inang Nag-aaruga sa Anak Foundation and several complainants against former and current directors of RCBC for lack of basis, both in fact and in law.

In a Resolution dated 22 October 2021, BSP OGLS-IPG denied with finality the Motion for Partial Reconsideration of the Complainants for lack of merit.

In December 2021, counsel for the former and present directors of RCBC received a copy of the Petition for Review dated 20 November 2021 of the complainants in the said case, appealing BSP’s judicious dismissal thereof to the Court of Appeals.

On March 15, 2023, RCBC received from counsel a copy of the Court of Appeals’ Decision dated February 28, 2023, affirming with modification the Resolutions dated 20 August 2021 and 22 October 2021 issued by the BSP OGLS-IPG. The modification pertains to the Court of Appeals' ruling that BSP OGLS-IPG properly acquired jurisdiction over the person of Liza P. Arzaga; and, thus, the Court of Appeals ordered that the case be remanded to BSP OGLS-IPG for proper adjudication of Liza P. Arzaga's possible administrative liability.

In April 2023, the Bank received from counsel the complainants’ Motion for Partial Reconsideration dated April 5, 2023. The Bank will oppose the Motion in due course.

On December 4, 2023, RCBC received from counsel a copy of the Court of Appeals’ Resolution dated November 20, 2023, denying complainants’ Motion for Partial Reconsideration dated April 5, 2023.
The effect(s) on the Issuer's business or operations, if any

No material impact.
Other Relevant Information

The following information have been amended based on the Court of Appeals’ Resolution dated November 20, 2023: (1) Subject of Disclosure; (2) Background/Description of the Disclosure; and (3) Nature and description of the legal proceedings.
Filed on behalf by:
Name Maria Cecilia Chaneco-Lonzon
Designation Assistant Corporate Secretary