A FORMER executive of Jacinto Color Steel Inc. (JCSI) and her husband have been indicted for qualified theft before a Quezon City court.
Sissie Bongat, formerly the assistant vice president for operations and administration of JCSI, was charged with four counts of qualified theft before the Quezon City Regional Trial Court (RTC). No bail was recommended.
After a two-year preliminary investigation conducted by the Quezon City prosecutor’s office, the RTC indictment, dated May 9, 2024, was released. The investigation focused on incidents that occurred from late 2020 to 2022.
According to findings from the city prosecutor’s office, Sissie “exploited the trust of the company’s top management and took advantage of the Covid-19 lockdown to implement a fraudulent scheme.”
Based on records, she allegedly used company credit lines to purchase raw materials worth P648,266,818 and then diverted the materials valued at P420,134,452 to her steel coil trading company at about half the purchase price.
This supposedly enabled Sissie to profit illegally resulting in big losses to JCSI.
In addition to the qualified theft charges, Sissie was also charged with falsifying commercial and private documents for allegedly altering wire transfer amounts.
Christopher Bongat, Sissie’s husband, faces charges as a conspirator.
The indictment noted his involvement “before, during, and after the commission of the crime,” suggesting a shared criminal intent.
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