22-05-2025
GMA Network statement on estafa complaint against officers of TAPE, Inc.
GMA Network, Inc. has filed a criminal complaint for estafa with abuse of confidence against officers of Television and Production Exponents, Inc. (TAPE) for the misappropriation of funds totaling P37,941,352.56.
The complaint, filed before the Office of the City Prosecutor of Quezon City, names the following TAPE executives as respondents: Romeo Jalosjos, Jr. (former President and CEO), Romeo Jalosjos, Sr. (Chairman of the Board), Seth Frederick "Bullet" Jalosjos (Treasurer), Malou Choa-Fagar (former COO and current President and CEO), Michaela Magtoto (former Senior Vice President for Finance), and Zenaida Buenavista (Finance Consultant).
The complaint stems from respondents' failure to remit advertising revenues collected from clients, which had been contractually assigned to GMA Network under a 2023 Assignment Agreement. Despite multiple formal demands, the funds were not transferred to GMA because they were instead used for TAPE's operational expenses, in violation of the trust arrangement outlined in the agreement.
GMA Network is pursuing legal action to hold the responsible officers accountable and to recover the misappropriated amount.
