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GMA files estafa complaint against TAPE execs

Entertainment | Movies and TV

GMA files estafa complaint against TAPE execs

By Neil Ramos

At A Glance

According to the network, TAPE executives failed to remit advertising funds collected from clients.

GMA Network, Inc. has lodged a criminal complaint for estafa with abuse of confidence against several top executives of Television and Production Exponents, Inc. (TAPE), accusing them of misappropriating nearly ₱38 million in advertising revenues.

Filed before the Office of the City Prosecutor of Quezon City, the complaint names six TAPE officers as respondents: former President and CEO Romeo Jalosjos, Jr., Chairman of the Board Romeo Jalosjos, Sr., Treasurer Seth Frederick “Bullet” Jalosjos, former COO and now President and CEO Malou Choa-Fagar, former Senior Vice President for Finance Michaela Magtoto, and Finance Consultant Zenaida Buenavista.

According to GMA Network, the case arises from the alleged failure of the TAPE executives to remit advertising funds collected from clients. The network claims those revenues were contractually assigned to GMA 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,” the network said in a statement.

GMA emphasized that the legal action aims to hold the TAPE officers accountable and recover the full amount of ₱37,941,352.56.

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