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CA issues freeze order vs 70 fertilizer fund scam accounts


MANILA, Philippines – The Court of Appeals on Thursday ordered the freezing of some 70 bank accounts listed under the name of former agriculture undersecretary Jocelyn "Joc-Joc" Bolante and some other individuals and entities allegedly linked to the P728-million fertilizer fund scam. In a 20-page decision penned by Associate Justice Pampio Abarintos, the CA's First Division granted the petition filed by the Anti-Money Laundering Council after finding probable cause that these accounts could possibly be where the P728-million fertilizer fund have been transferred. “The Court finds that petitioner AMLC was able to establish probable cause that an unlawful activity had been committed by the aforementioned individuals and entities and that the subject accounts are related to such an unlawful activity," the CA ruled. The freeze order, which has a 20-day effectivity, starts upon receipt of the resolution by parties concerned. Bolante was accused of channeling the agriculture department's fertilizer funds to finance the campaign kitty of President Gloria Macapagal Arroyo in the 2004 presidential polls. He left the country at the height of the Senate’s investigation into the fertilizer scam but was arrested and detained in Los Angeles on July 7, 2006 after US airport authorities found him in possession of a revoked US visa. The former agriculture official, who was believed to be a close associate of First Gentleman Jose Miguel Arroyo, later applied for political asylum but was denied. Aside from Bolante, the AMLC identified the other holders of these various accounts as Molugan Foundation, the Assembly of Gracious Samaritans Foundation, Inc., One Accord Christian Community Endeavor for Salavation & Success through Poverty Alleviation, Inc., Society’s Multi-Purpose Foundation, Inc., Alliance for the Conservation of the Environment of Pangasinan, Inc., Sta. Lucia Education Association of Bulacan, Inc. and Livelihood Corporation. Individual accounts that were also ordered frozen were Ariel C. Panganiban, Donnie Ray G. Panganiban, Jaypee G. Panganiban, spouses Samuel and Katherine Samuel Bombeo and Eduardo F. Suerez. The freeze order covers accounts in various banks and institutions such as in AIG Philam Savings Bank, Inc., Banco de Oro Universal Bank, Citibank, N.A., East-West Bank, Equitable PCI Bank, Maybank Phils. Inc., Metropolitan Bank & Trust Co., Philippine National Bank, Philippine Savings Bank, Planters Development Bank, Philippine Business Bank, Union Bank, Insular Life Assce. Company, Pru-Life Insurance Corp. of UK, Manufacturers Life Ins. Co., Standard Insurance Co., BPI/MS Insurance Corp., Performance Foreign Exchange Corp., Bank of the Philippine Islands, Union Bank of the Philippines, Rizal Commercial Banking Corporation, and Standard Chartered Bank. The appellate court directed the said banks and institutions “to desist from and not allow any transaction, withdrawal, deposit, transfer, removal, conversion, other movement or concealment" of the accounts." The CA likewise ordered the AMLC to submit within 24 hours from receipt of the resolution the amount of the monetary instrument, property or related web accounts as of the time they were frozen. - with reports from Mark Merueñas, GMANews.TV
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