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PAGCOR cancels contract of POGO auditing firm

Ben Blaschke by Ben Blaschke
Fri 10 Mar 2023 at 04:26
Philippines senator says bank guarantee of POGO auditing firm clearly faked

Makati, Philippines

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Philippines gaming regulator PAGCOR said Thursday it has cancelled the contract of Global ComRCI, a third-party auditor hired in 2017 to track the revenues of licensed POGOs (Philippine Offshore Gaming Operators) and ensure they were paying the appropriate amount of tax.

In a statement, PAGCOR revealed it has issued Global ComRCI with a Notice to Terminate the Consultancy Contract and referred the matter to the Office of the Solicitor General (OSG) for the possible filing of administrative, civil and criminal cases against the auditor. It will also “explore all legal remedies available” for the restitution of more than Php800 million (US$14.5 million) out of the partial amount released to Global ComRCI prior to the assumption of the current administration, plus damages.

The termination of the contract follows allegations that Global ComRCI produced fraudulent documentation to win the PAGCOR contract. The documentation included an allegedly fake bank certification from the New York branch of Soleil Chartered Bank (SBC) showing the auditor met PAGCOR’s capital requirements.

SBC last month said it had never issued any such documentation, that Global ComRCI does not have an account with the bank and that the letterhead used in the bank certificate “is not the letterhead used by SCB New York.”

In Thursday’s statement, PAGCOR said it has determined Global ComRCI to be “IN DEFAULT of its obligations and prima facie evidence to have committed UNLAWFUL ACTS.”

The company will, however, be given the opportunity to present its case as mandated by local laws.

“In the absence of an external auditor, PAGCOR will temporarily undertake auditing functions for its offshore licensees until it is able to contract another third-party auditor through a transparent and strict bidding process,” PAGCOR said.

“PAGCOR is firm in its commitment to uphold the integrity of the gaming industry in the country so that all revenues from regulated gaming will continue to support the government’s nation-building efforts and uplift the lives of Filipinos.”

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Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

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