Court gets assets of ‘Jose Velarde’

FILE PHOTO

MANILA, Philippines—A local bank has completed the surrender to the Sandiganbayan of all assets, including cash and stock certificates, in the name of “Jose Velarde” which the antigraft court had declared to belong to former president and now Manila Mayor Joseph Estrada.

Banco de Oro Unibank Inc. (BDO) informed the Sandiganbayan of the turnover of the assets of Investment Management Account (IMA) number 101-78056-1 in the name of “Jose Velarde,” in compliance with the antigraft court’s forfeiture ruling issued on Jan. 28, 2008, and a subsequent Notice to Deliver on July 12, 2013.

Among the assets turned over to the court since 2008 were cash in the trust fund amounting to P101.3 million; 450 million shares of stock of Waterfront Philippines Inc. registered in the name of The Wellex Group Inc.; 300 million Wellex shares of stock in the name of William T. Gatchalian; the originals of the promissory note and chattel mortgage pertaining to a P500-million loan by Wellex from the owner of the Velarde account.

In a reply to the notice dated March 6, 2014, BDO legal officer Francisco Gerardo C. Llamas informed the Sandiganbayan the bank had terminated the IMA trust account following the transfer of the assets to the custody of the antigraft court.

The court ordered the forfeiture and subsequent return of the assets to the state after it convicted Estrada of plunder on Sept. 12, 2007.—Cynthia D. Balana