CA freezes Cebu drug lord’s assets | Inquirer News

CA freezes Cebu drug lord’s assets

/ 07:08 PM March 08, 2017
Franz Sabalones, whom the police tagged as one of the biggest drug lords in Central Visayas, surrenders to PNP chief Dir. Gen. Ronald "Bato" Dela Rosa. JULLIANE LOVE DE JESUS/INQUIRER.net

Franz Sabalones, whom the police tagged as one of the biggest drug lords in Central Visayas, surrenders to PNP chief Dir. Gen. Ronald “Bato” Dela Rosa. JULLIANE LOVE DE JESUS/INQUIRER.net

The Court of Appeals has issued a freeze order on the assets of an alleged Cebu-based drug lord Franz Sabalones.

Covered by the freeze order are bank accounts from Banco De Oro and Wealth Bank.

ADVERTISEMENT

The freeze order, which has a duration of six months, also covered six properties in various areas in Cebu.

“After a careful examination of the allegations stated in the application, as well as the supporting documents attached herein, the Court is convinced that there is indeed a reasonable ground to believe that the bank accounts and real properties are related or have connection to the unlawful activity and/or money laundering offense,” the CA said.

FEATURED STORIES

“Thus, probable cause exists that the questioned bank accounts and real properties are being used in the laundering of the proceeds of the lawful activity which justify the issuance of the Freeze Order authorizing the AMLC (Anti-Money Laundering Council) to preserve the monetary instruments or property in any way deemed related to unlawful activities,” the appeals court said.

Sabalones voluntary surrendered to Philippine National Police (PNP) Chief Director General Ronald Dela Rosa on Aug. 7, 2016 after he was identified by President Rodrigo Duterte as among those involved in the illegal drug trade.

He admitted that he assumed control of the drug trade in Cebu after top drug lord Jeffrey “Jaguar” Diaz was killed in Las Piñas.

In his judicial affidavit, he mentioned a certain Willy Yang and Roy Velez, both inmates at the New Bilibid Prison (NBP), as his source of drugs.

Through his drug transactions, he was able to acquire the following:

  • 3,204 square meter property in Barrio Balud, San Fernando, Cebu;
  • 7,137 sq. m. property in Tabionan, San Fernando, Cebu;
  • 21,387 sq. m. property also in Tabionan;
  • 34,379 sq.m. property in Brgy. Poblacion III Carcar City, Cebu;
  • 64,998 sq.m. property in Brgy. Guadalupe, Cebu City, Cebu, and;
  • 24, 872 sq.m. property in Bo Tabionan in San Fernando, Cebu.

These properties are covered by the freeze order.

Investigation by the AMLC also showed that he has as much as P70-million withdrawals in his bank accounts.

ADVERTISEMENT

The investigation also showed that from April 19, 2011 to Sep. 11, 2012, he made bank deposits ranging from P519.3 million to P8-million.

The appeals court required the AMLC to submit a supplemental return of the freeze order immediately following its implementation.

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Court of Appeals, Franz Sabalones, freeze order, Philippine news updates, war on drugs
For feedback, complaints, or inquiries, contact us.
Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.



© Copyright 1997-2023 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.