Sequestered Companies Managed by PCGG Under Bautista Had Accounts with LDB


National Bureau of Investigation (NBI) Lawyer, Atty. Minerva Retanal, executive officer of the NBI's Anti-Fraud Division revealed during a senate hearing on August 23, that sequestered companies that were managed by the Presidential Commission on Good Government (PCGG) under the stint of former Comelec chairman Andres Bautista.


Atty. Retanal told the Senate Committee on Banks, Financial Institutions and Currencies headed by Sen. Chiz Escudero, said that they considered such accounts as a "Red Flag" when they analyzed the financial statements of the LDP.

The NBI noted that "Sequestered and surrendered companies managed by the PCGG also maintained accounts with Luzon Development Bank," Retanal said.

The said accounts from PCGG sequestered companies were opened in 2012 and closed "sometime" in 2016.

Watch the Replay of the Senate Hearing on LDB:


Watch the Video Starting at 1:22 Discussing PCGG's Accounts

Luzon Development Bank is under scrutiny after the allegations made by Comelec Chairman Andy Bautista's wife, Patricia Paz Bautista, who revealed the alleged ill-gotten wealth of Chairman Bautista.

Mrs. Patricia Paz Bautista earlier claimed that her husband had 35 bank accounts with LDP containing a total of f P329,220,962. These, she said, form part of what she supposedly discovered in P1-billion ill-gotten wealth.

Before serving as head of the Commission on Elections (Comelec), Chairman Andy Bautista was appointed chairman of the PCGG in 2010. In 2015 during the administration of Pres. Aquino was given the position of chairman of Comelec. 

Source: GMA News


Sequestered Companies Managed by PCGG Under Bautista Had Accounts with LDB Sequestered Companies Managed by PCGG Under Bautista Had Accounts with LDB Reviewed by PhilNews XYZ on 8/23/2017 Rating: 5

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