Erap’s P3.2-B ‘Velarde Account’ depleted

December 1, 2007  --  Got something to say?
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Joseph EstradaSpecial Prosecutor Dennis Villa-Ignacio scored the depletion of the money deposited in the Jose Velarde account from P3.2 billion to P2,770.69.

The defense lawyers (of ousted President Joseph Estrada) are saying the government will only be able to recover the P2,000 (plus), he said in a radio interview. But we (the prosecution) were able to prove during the trial that there was P3.2 billion that was deposited in the account.

Gerardo I. Banzon, head of the Legal Advisory and Research Department under the EPCIB Legal Services Division, to Sandiganbayan chief Sheriff Edgardo Urieta said that the updated total deposit, interest and income earned of the Jose Velarde account in our Juan Luna-Binondo branch as of Nov. 16 was P2,770.69.

Urieta asked for the update on the bank account in relation to the writ of execution issued by the Sandiganbayan Special Division directing his office to confiscate ill-gotten wealth of former President Joseph Estrada in favor of the state after he was convicted of plunder last Sept. 12. Covered by the forfeiture order was the supposed P545.3 million illegal gambling payola, P189.7 million commission from Belle Corp. shares purchased by GSIS and SSS and the Boracay mansion in New Manila, Quezon City.

Urietas office has so far recovered P215 million found in the bank account of the Erap Muslim Youth Foundation which was traced to have come from gambling protection money.

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Posted by News Team | Filed Under Philippine News 

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