BGEI sold property for P34M in 2001 before Corona cash advance–defense

MANILA, Philippines — A property under the Basa-Guidote Enterprises Inc. (BGEI), a company owned by the family of Chief Justice Renato Corona’s wife, was sold for P34 million, three years before Corona took a  cash advance from the same company.

Defense lawyer Tranquil Salvador III made the disclosure Wednesday after the trial where an official of the Securities and Exchange Commission testified that Corona drew P11 million from BGEI in 2003 when its license was revoked for failing to submit its reports to the SEC.

Salvador said that a P34 million check was paid by the government to BGEI for an ” expropriated property”, an apartment building, on Legarda corner J. Figuerras Streets Sampaloc, Manila, which was demolished in 2001 to make way for the construction of the Light Rail Transit (LRT) Legarda station.

A caretaker of the property for the last 10 years, who requested anonymity, and a pedicab driver confirmed to INQUIRER.net Thursday that an apartment building owned by BGEI once stood in the area where the LRT station would be built.

One of the accusations against Corona was that he had failed to disclose fully his assets under his Statement of Assets, Liabilities and Networth (SALNs).