2 Binay aides are billionaires

Why joint accounts?

“These investments, along with those in other accounts, were preterminated, sold or withdrawn in bulk since Aug. 20, 2014, or at the start of the hearing, likely calculated to disperse funds and layer transactions to evade liability,” the AMLC report said.

The AMLC also reported that it found no reason why Limlingan and Baloloy should maintain joint accounts and conduct high-value and frequent bank transactions when they had no business or professional relationship.

Like Binay’s accounts, the pair’s individual and joint accounts could have originated from unlawful activities, the AMLC said in its report.

“Given the unusual linking of circumstances, the funds transacted in Limlingan’s and Baloloy’s accounts originated from unlawful activities, particularly the construction of the Makati [City Hall Building II],” the AMLC report said.

“These transactions show that they themselves do not own the transacted funds, which are derived from unlawful sources,” the report said.

Cited for contempt

Limlingan and Baloloy have not appeared in the Senate investigation despite summons. The two have been cited for contempt for ignoring the subpoenas issued for them.

Authorities say, however, that they now know the whereabouts of the two.

Limlingan has two addresses in the AMLC report, one on A. Luna Street in Pasay City and another on Bagtikan Street in San Antonio village in Makati City.

Baloloy’s last known address is on Arellano Street, West Rembo village, in Makati.

The bank accounts of Baloloy’s relatives, Francisco, Frederick and Jennifer Baloloy, were also ordered frozen by the CA.

Also ordered frozen by the court were accounts of Limlingan’s relatives Marguerite Lichnock, Melissa Gay Castañeda Limlingan, Victor Limlingan and Patricia Padua. With a report from Niña P. Calleja

RELATED STORIES

‘Nearly P100M deposited in Binay account in 4 days’

AMLC: Binay huge withdrawals made almost at same time as deposits

‘Bank freeze has chilling effect on business’