Frozen P47-M asset of Napoles-linked firm now only P7M

By: Tetch Torres-Tupas - 10 years ago

Janet Lim-Napoles. INQUIRER FILE PHOTO

MANILA, Philippines—A bonding company with alleged links to Janet Lim Napoles has managed to withdraw over P40 million of the P46.995-million frozen funds.

During Wednesday’s hearing before the Manila City Regional Trial Court, a representative from the United Coconut Planters Bank (UCPB) confirmed in open court that what is left of the funds is about P7 million.

The Manila RTC issued a provisional asset preservation order (PAPO) against the assets of First Integrated Bonding and Insurance Company (First Integrated) for allegedly being one of the companies owned by Napoles.

Assets of First Integrated was frozen by the Court of Appeals.

UCPB as well as the representative from First Integrated pointed that the transactions were made following a confirmation from the Anti-Money Laundering Council (AMLC) that the freeze order issued by the appeals court has been lifted.

The Court of Appeals initially issued a freeze order last Feb. 16, which was extended and expired last May 26. AMLC’s action including First Integrated as among the respondents in the forfeiture proceeding was filed last June 5.

“The bank has to submit documents regarding the transactions. We are waiting for supplemental compliance from UCPB regarding this…It is not yet confirmed that it was the respondent who were the ones who withdrew,” Associate Solicitor General Isar Pepito said, adding that what the bank mentioned were “transactions.”

“If the transactions were made during the effectivity of the freeze order, the transactions should not have been allowed,” Pepito said.

First Integrated, in its comment/opposition asked the Manila Court to dismiss the bid of the AMLC to permanently freeze their assets and include them in the forfeiture proceedings.

The company told the court that it is a legitimate corporation established in 1965. Its current paid up capital is P250 million “which has been painstakingly built up and accumulated by its stockholders…”

The company said Napoles only owns a mere 7.33 percent of the shares of First Integrated and “there is utterly no showing that any of the other shareholders of respondent First Integrated are in anyway linked [to] plunder, malversation and violation of the Anti-Graft Law in connection with the pork barrel scam or money laundering.”