"What this Country needs is not a change OF men but a change IN men" March 1980

Wednesday, January 07, 2009

Dismay over AMLC's failure to prevent thaw of Bolante's frozen accounts

The failure of the Anti-Money Laundering Council (AMLC) to take necessary actions to prevent the thaw of the frozen 32 accounts believed to have been used by former agriculture undersecretary Jocelyn Bolante to funnel the P728-million fertilizer fund scam dismayed independent Senator Richard J. Gordon.

Gordon, chairman of the Senate blue ribbon committee, requested AMLC Executive Director Vicente Aquino and Solicitor General Agnes Devanadera to clarify why no civil forfeiture case was filed against the Bolante accounts during the six-month effectivity of the freeze order.

"Six months, the maximum period of the freeze order the law allowed, had lapsed without a single civil forfeiture case being filed against Mr. Bolante. AMLC has been remiss on running after these suspicious Bolante accounts," he said.

During the last Dec. 10 hearing on the P728-million fertilizer fund scam, Aquino has assured the senators that the AMLC is doing its job, although it admitted that it cannot divulge any information on its ongoing investigation.

"What AMLC should have done was that, while the assets have been frozen in the six-month period, they should have filed for preliminary attachment, forfeiture or extension, Clearly, this was not done by AMLC, and ergo, they are remiss of their duties," he added.

The Court of Appeals initially issued a 20-day freeze order on Bolante accounts, and extended it further until Dec. 20, 2008 apparently to be able for AMLC to complete its comprehensive financial investigation of the questioned accounts.

The appellate court has yet to issue a certification that the questioned bank accounts may now be disposed off by Bolante, the alleged architect of the P728-million fertilizer fund scam.

"Now that the freeze order has already expired and there is no extension of the order, Bolante can no longer be prevented from withdrawing the funds. The legal impediment has now been practically lifted," Gordon said.

Gordon said that for instance the AMLC, through the Solicitor General, should file for forfeiture under "The Rules of Procedure in Cases of Civil Forfeiture under Republic Act 9160" and all legal actions available to prevent the thaw of the Bolante accounts since they (accounts) are imbued with public interest.

"These accounts could possibly involve money from the fertilizer fund the Senate is now investigating. In the interest of public accountability, these accounts should remain frozen," he said.

He explained that the panel is now focused on revealing where the fund supposedly for the Department of Agriculture's farm input-farm implement project really went.

During the Dec. 22 committee hearing, Feshan Philippines president Julie Gregorio revealed that while the company declared a P105-million sales of fertilizer from the government, the amount actually paid to them was only P50 million.

Gregorio added that the payment was deposited to an account opened at the Land Bank Philippines branch in Elliptical Circle in Quezon City under the name of a certain Malyne Araos.

"We already know that the P50 million went to Feshan. What we want to know is where the other P55 million went or who benefited from it. Since Ms. Araos is the only signatory of the bank account, she'd naturally know where it went," he added..

Gordon said the committee is on the path of gradually revealing where the P105 million of the whole P728-million fund went. The next step, he added, would be to find out on whose hands the remaining P623-million landed.

8 Comments:

Anonymous Anonymous said...

Bear in mind these simple pointers when you're choosing your promise rings and you'll have a symbol of your relationship to wear and
enjoy. There are promise rings, friendship rings and engagement rings
or silver rings (In Danish s. Tungsten retailers now offer large selections of carbide rings,
ready to accommodate every shopper.

Feel free to visit my webpage webpage

11:50 PM

 
Anonymous Anonymous said...

' Diamond rings: Diamond rings are classified as the greatest option with regards to men's rings.
After the engagement, the ring is usually switched to the
right hand. The critical element is that the person created the promise to abstain from
sex until finally marriage.

Here is my homepage; promise rings for him and her

8:05 AM

 
Anonymous Anonymous said...

Ahead of you decide on any piercing, take into account the
affect on your image as well as your daily life. And so they're grown inside lagoons of tiny islands which might be part of a group referred to as French Polynesia. Irrespective of the material chosen, you must ensure that it is of top quality.

Feel free to surf to my blog web site

6:11 AM

 
Anonymous Anonymous said...

However, the intent remains the same no matter what you call them, and are
usually exchanged between young people as a promise they'll remain friends forever. While we don't think of
divorce as being very common in the 1920's, this newspaper article stated the need for the divorce ring due to "divorce having become so frequent that it is considered there is a need for a distinctive emblem. Whenever you get inside the diamond shop and try to buy 1, but don't know what the various amongst this a person and that
one.

Also visit my blog post; web site

2:47 PM

 
Anonymous Anonymous said...

Children typically employ a practical bent of intellect and are keen to uncover new things.
Usually made from durable platinum 950 or in 18-carat gold, the stones come in various shapes,
the Trapezoids, the Oval and Round Brilliants,
the Princess Cuts and Pear shapes being the most popular ones.
A blue-white diamond appears quite unique and distinctive,
but actually, this style of diamond is of lesser high quality ' though the jeweler will try to generate you're
thinking that you happen to be getting something exclusive.



Here is my weblog; promise rings are stupid

3:32 PM

 
Anonymous Anonymous said...

If the underlying causes can be determined, most cases of age-related tinnitus can successfully
be treated. Tinnitus can accompany head and neck injuries such as whiplash.
Adults age 18 to 70 who have had tinnitus (ringing
in the ears) for at least six months are invited to participate in
studies to measure and treat tinnitus. We live in a world that is
saturated with noises of all kinds.

my web-site: Tinnitus Remedies

2:38 AM

 
Anonymous Anonymous said...

If you would like to use cucumber to treat your acne, build a mask from them (you can
find a bunch of recipes for this on the internet) and apply that mask twice per week.
Acne is most definitely challenging and quite often for way more than we thought it can be when we first dipped our toes
in to the waters of puberty as teenagers. While you're inside the shower, let the warm water throw open your pores, and suds with shower gel (or if the dermatologist has prescribed it, a medicated cleanser). A memory while using intensity of 10 on our scale of discomfort showed up: One day in high school graduation, she entered the locker room after a fun gym class - she saw her face inside mirror.

Here is my webpage: acne 706.1

3:24 PM

 
Anonymous Anonymous said...

With so many different references the Trinity symbol can be very personal for
the person deciding to purchase the ring. You can opt for a real diamond engagement
ring if your budget allows and simply present it as a promise
ring, but engagement rings tend to have a scary price tag way
into the thousands. As emerald is an expensive gem
they usually come in shapes that help in retaining
maximum weight from raw stone.

My webpage - webpage

9:48 PM

 

Post a Comment

<< Home