Cedric Lee ordered arrested for graft, malversation

Businessman Cedric Lee (in green barong) appears before the Sandiganbayan for his motion to dismiss his malversation and graft cases. CONTRIBUTED PHOTO

The Sandiganbayan has issued an arrest warrant against businessman Cedric Lee in connection with the graft and malversation charges filed against him over a failed Bataan public market project.

This after the antigraft court Third Division issued a resolution finding probable cause to hold Lee and his co-accused former Mariveles mayor Angel Peliglorio on trial.

READ: Cedric Lee faces graft, malversation suit over Bataan public market deal

Division Clerk of Court Atty. Dennis Pulma in a press conference said the arrest warrants were served because the accused has yet to post a P30,000-bail for graft and P40,000-bail for malversation.

Lee and Peliglorio are charged with malversation and graft for allegedly conniving with each other for the release of P23.47-million bank loan proceeds to Lee’s company Izumo Contractors Corp. on March 27, 2005 even without procedural safeguards, guarantee of performance, and in violation of audit rules.

The Ombudsman said Peliglorio authorized the release of the bank loans to Lee for the construction of a public market that did not commence.

The arrest order was issued even as Lee faces tax evasion raps for the alleged failure of Izumo Contractors to pay P194.47 million in taxes from 2006 to 2009.

Lee is also out on bail for his illegal detention and grave coercion cases with model Deniece Cornejo at the Taguig Regional Trial Court for their alleged role in beating up and extorting money from television host and actor Vhong Navarro.

Lee has claimed he was a victim of a political catfight because incumbent mayor Jesse Concepcion refused to implement his political rival Peliglorio’s project.

READ: Cedric Lee blames fight between political rivals for graft case

Lee has also accused Malacañang of having a hand in the charges because of the tax raps against him. IDL