OMB-C-2024-1091
critical
High-Profile
Questionable investment of SSS members' funds in overvalued real estate and speculative ventures — PHP 12.8B potential loss
Case Stage Progress
Stage 13 of 22: clarificatory hearing
Case Information
Complaint IDOMB-2024-0044
Docket NumberOMB-C-2024-1091
Date Received9/18/2024
Sourcelegislative referral
Case Typegraft and corruption
Statuspreliminary investigation
Prioritycritical
Priority Score92
Completeness76%
RegionNCR
Amount Involved₱12,800,000,000
Primary Respondent
NamePres. Gloria Almendras, Treas. Armando Casico (Fictionalized)
PositionSSS President / Treasurer
AgencySocial Security System
Rankhead of agency
Gov't Branchgocc
ComplainantHouse Committee on Good Government
Complainant Typepublic official
Allegations & Details
Nature of Complaint
Questionable investment of SSS members' funds in overvalued real estate and speculative ventures — PHP 12.8B potential loss
Alleged Acts or Omissions
Investment in overvalued real estate at 400% above appraisal value from personally connected developers, approval of investments in failing private companies, failure to conduct proper due diligence, conflict of interest with investment committee members
Date of Incident2020-01-01
Place of IncidentSSS Main Office, Quezon City
ProjectSSS Investment Portfolio 2020-2022