MANILA, Philippines?The lawyers of businessman William Gatchalian have finally submitted documentary proof that former president Joseph Estrada was the real owner of the controversial ?Jose Velarde? account in the former Equitable-PCI Bank.
The lawyers handed over to the Sandiganbayan an envelope containing a two-page letter from the lawyers of the bank, dated March 30, 2001, informing Estrada that the Velarde account would be closed.
The letter, on stationary bearing the letterhead of the Poblador Bautista and Reyes law office, counsel for EPCI Bank, was addressed to ?Mr. Joseph Ejercito Estrada? of ?No. 1 Polk St., North Greenhills, San Juan, Metro Manila? and signed by lawyers Dino Vivencio Tamayo and Antonio Hernandez.
?On behalf and upon authority of our client, Equitable PCIBank, we hereby terminate Investment Management Account No. 101-78056-1 which you entered into in the name of ?Jose Velarde? as Principal, with the Bank last Feb. 4, 2000. The termination shall become effective on 17 May 2001,? the letter to addressed to Estrada said.
Equitable has since been taken over by Banco de Oro.
Wellex handed over the document to support its request to reclaim stock certificates which Wellex said it gave as security for a P500-million loan from the owner of the Jose Velarde account.
Wellex said it had already paid its debt directly to the owner of the account.
But the Sandiganbayan ruled that government claims would take priority over those of private individuals and has ordered Banco de Oro to hand over P189.7 million from the former Velarde account, including interest earned.
Estrada denied he was the owner of the account, which at one time contained up to P4 billion. It was claimed by one of his businessman-friends, Jaime Dichaves.
During impeachment proceedings against Estrada in 2001, his Senate supporters had blocked the opening of an envelope believed to contain bank documents, saying it would violate bank secrecy laws. A people power revolt resolved the issue by deposing Estrada in January 2001. (Later, it was learned that the controversial envelope contained only a letter claiming it was owned by Dichaves, who quickly fled the country.)
