GMA Network Inc. said Thursday it filed a criminal complaint for estafa with abuse of confidence against several officers of Television and Production Exponents Inc. (TAPE), the former producer of the noontime show Eat Bulaga.
The complaint, lodged with the Office of the City Prosecutor of Quezon City, alleged the misappropriation of funds totaling P37,941,352.56.
GMA said the complaint stemmed from respondents’ failure to remit advertising revenues collected from clients, which had been contractually assigned to GMA Network under a 2023 assignment agreement.
It said 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 said it is pursuing legal action to hold the responsible officers accountable and to recover the misappropriated amount.
The company reported a net income of P2.07 billion in 2024, down by 35 percent from P3.17 billion in 2023.
GMA’s total revenues during the period fell 6 percent to P17.56 billion.
