Banco de Oro Ordered to Give Up Estrada Millions
Even though Philippine ex-President Joseph Estrada has been granted a presidential pardon, he still has to return the money he plundered from the Philippines.
The same anti-graft court that found Estrada guilty also served the “writ of execution” ordering Banco de Oro to release 4.9 million dollars held in Estrada’s account.
The court has ruled that the funds were proceeds from payoffs made by operators of the popular but illegal numbers game “jueteng”.
The funds were deposited in the name of a foundation Estrada set up to provide scholarships to children of the Muslim minority but which the court said were instead used to hide his ill-gotten gains.
Banco de Oro is not the only bank that will see the writ. Having given the guilty verdict, the court is determined to recover around 87 million dollars worth of assets.
This is some measure of justice, at least. I hope that all of the money is recovered and properly accounted for.
via AFP
Tags: Joseph Estrada, plunder
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