NEA probes Nueva Ecija coop’s missing retirement funds

By Alena Mae S. Flores – March 13, 2024, 6:55 pm
from manilastandard.net

State-run National Electrification Administration (NEA) said Wednesday it launched an investigation into Nueva Ecija II Area 2 Electric Cooperative Inc.’s (NEECO II Area 2) allegedly missing employees’ retirement funds.

NEA administrator Antonio Mariano Almeda said in a statement the issue was brought to his attention on March 7 after NEECO II Area 2 officials discovered multiple unauthorized withdrawals through the depository bank account of the electric cooperative (EC).

Almeda placed at least six members of the NEECO II Area 2 board of trustees, who are in charge of the retirement, under a 90-day preventive suspension.

He accused them of alleged gross neglect of duty for failing to protect the EC and the best interests of its stakeholders. The NEA also installed a project supervisor for the EC, while the investigation is ongoing.

The agency said the decision was made by virtue of the NEA Reform Act of 2013, which authorizes the state-owned corporation to impose disciplinary measures against erring officers.

The NEA also sought assistance from the National Bureau of Investigation (NBI) to conduct its own independent investigation to determine who are criminally liable in the incident.

NEECO II Area 2 has a total of 228 employees.