Failure of evidence? Only a fourth of Erap ‘loot’ forfeited by Sandigan
FLORIAN TARCELO-BALMES
GMA News Research
09/14/2007 | 05:28 PM
GMA News Research
In over 200 pages of black ink on fields of white, the Sandiganbayan verdict on Wednesday capped a political drama that has haunted the Philippines over the last seven years – the plunder and pillage of the national coffers by ousted President Joseph Estrada.
Estrada, who scored the biggest election victory in all of Philippine history, was judged guilty of plunder and sentenced to serve up to 40 years in jail.
The prosecution had sought to prove P4.1-billion of allegedly ill-gotten wealth. At the trial’s close, the anti-graft court in its ruling forfeited -- based on what had been proven -- a fourth of what the prosecutors claimed Estrada had amassed: monies worth more than P700 million and a notoriously fabulous mansion in an upscale neighborhood in New Manila, Quezon City.
The Sandiganbayan ordered the forfeiture, in favor of the government, of more than P500 million (P545,291,000), including the P200 million deposited in the account of the Erap Muslim Youth Foundation.
The prosecution evidence proved that the P545,291,000 million represented the total jueteng collections for Estrada from November 1998 to August 2000, and that the Erap foundation got nearly half the total. Court records show that the foundation’s bank account had a balance of P207,010,488.53 as of August 29, 2002.
The Erap Muslim Youth Foundation’s Board is chaired by Estrada’s brother in law, Raul P. de Guzman. Its board Secretary, Atty. Edward Serapio, a co-accused, was acquitted by the court, however, in the plunder case.
According to SEC records, the foundation ceased to operate from 2000 to 2002. In its latest financial statement filed with the SEC, it declared total assets of P211, 844, 507 as of 2003. (See Erap Muslim Foundation’s 2005 financial statement.)
Too, the Sandiganbayan forfeited P189 million that had been deposited in the Jose Velarde account with Equitable PCIBank. The amount represented Estrada’s earnings from the purchase of shares of stocks in Belle Corporation, that state pension funds acquired, on his orders.
One year into the plunder trial in 2002, the Jose Velarde account had been frozen. Still, it seemed like somebody had beaten the government to the draw: Bank documents show that the Velarde account at the Equitable PCI Juan Luna- Binondo branch has a balance of only P2, 770. 69 as of Sept 18, 2002.
“Wala tayong maggaawa dun kung ‘yan lang ang inabutan ng gobyerno," says Atty. Renato Bocar, Sandiganbayan spokesperson, “But there are other remedies."
To satisfy the court’s judgment, he said one remedy is for the Sandiganbayan sheriff to go after the other properties registered in the name of Estrada.
PCIJ’s investigation, published a year before Estrada’s ouster, found that the network of corporations linked to the former president has acquired at least 17 pricey properties in Metro Manila, Baguio and Tagaytay.
Yet throughout his six-year trial, most of myriad mansions, corporations and other assets of Estrada had remained "free" and accessible to his family. The court had failed to issue freeze or garnishment orders to safeguard the properties. By all accounts of their unchanged, frivolous lifestyle, Estrada and his family members continued to retain access to his reportedly vast, if legally contested, estate.
The official records, however, paint a modest story of the family riches.
Estrada, who scored the biggest election victory in all of Philippine history, was judged guilty of plunder and sentenced to serve up to 40 years in jail.
The prosecution had sought to prove P4.1-billion of allegedly ill-gotten wealth. At the trial’s close, the anti-graft court in its ruling forfeited -- based on what had been proven -- a fourth of what the prosecutors claimed Estrada had amassed: monies worth more than P700 million and a notoriously fabulous mansion in an upscale neighborhood in New Manila, Quezon City.
The Sandiganbayan ordered the forfeiture, in favor of the government, of more than P500 million (P545,291,000), including the P200 million deposited in the account of the Erap Muslim Youth Foundation.
The prosecution evidence proved that the P545,291,000 million represented the total jueteng collections for Estrada from November 1998 to August 2000, and that the Erap foundation got nearly half the total. Court records show that the foundation’s bank account had a balance of P207,010,488.53 as of August 29, 2002.
The Erap Muslim Youth Foundation’s Board is chaired by Estrada’s brother in law, Raul P. de Guzman. Its board Secretary, Atty. Edward Serapio, a co-accused, was acquitted by the court, however, in the plunder case.
According to SEC records, the foundation ceased to operate from 2000 to 2002. In its latest financial statement filed with the SEC, it declared total assets of P211, 844, 507 as of 2003. (See Erap Muslim Foundation’s 2005 financial statement.)
Too, the Sandiganbayan forfeited P189 million that had been deposited in the Jose Velarde account with Equitable PCIBank. The amount represented Estrada’s earnings from the purchase of shares of stocks in Belle Corporation, that state pension funds acquired, on his orders.
One year into the plunder trial in 2002, the Jose Velarde account had been frozen. Still, it seemed like somebody had beaten the government to the draw: Bank documents show that the Velarde account at the Equitable PCI Juan Luna- Binondo branch has a balance of only P2, 770. 69 as of Sept 18, 2002.
“Wala tayong maggaawa dun kung ‘yan lang ang inabutan ng gobyerno," says Atty. Renato Bocar, Sandiganbayan spokesperson, “But there are other remedies."
To satisfy the court’s judgment, he said one remedy is for the Sandiganbayan sheriff to go after the other properties registered in the name of Estrada.
PCIJ’s investigation, published a year before Estrada’s ouster, found that the network of corporations linked to the former president has acquired at least 17 pricey properties in Metro Manila, Baguio and Tagaytay.
Yet throughout his six-year trial, most of myriad mansions, corporations and other assets of Estrada had remained "free" and accessible to his family. The court had failed to issue freeze or garnishment orders to safeguard the properties. By all accounts of their unchanged, frivolous lifestyle, Estrada and his family members continued to retain access to his reportedly vast, if legally contested, estate.
The official records, however, paint a modest story of the family riches.
