Authors of the proposed Maharlika Fund have included within the measure penal provisions for people who will trigger funding losses within the wealth fund, House banks and monetary intermediaries chairperson Irwin Tieng mentioned Monday.
“Nagdagdag si Congressman Joey Salceda ng penal provisions on director, trustee, or officer who willfully or maliciously violates investment policies and guidelines set by the Board of Directors pursuant to Section 19 of this Act,” Tieng instructed reporters.
“It will be an imprisonment of not less than a year but not more than five years or a fine of P50,000 to P2 million or both pursuant to the discretion of the court,” he added.
Tieng mentioned the penal provisions additionally present that the loss suffered by the Maharlika fund because of the acts of negligence, willful misconduct, fraud, and actions in breach of funding settlement may also be charged to the director, trustee, or officer who prompted such losses.
Aside from penal provisions, Tieng mentioned the authors of the measure already determined to undertake its preliminary identify, the Maharlika Investments Fund, as an alternative of the Maharlika Wealth Fund.
The lawmakers earlier dropped the state-run repository of pension cash of private and non-private sector staff, the Government Service Insurance System and the Social Security System, as necessary sources of Maharlika Fund, to mood the fears of the pensioners that their hard-earned retirement cash will probably be gambled upon.
Further, the authors additionally eliminated the President because the chairperson of the Maharlika Fund Board of Directors to allay fears of partiality.—Llanesca Panti/AOL, GMA Integrated News
