Philippines freezes $265 million worth of assets in graft probe
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The Marcos administration is bolstering efforts to hold to account those involved in the multibillion-dollar graft mess surrounding flood-control projects.
PHOTO: AFP
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MANILA – The Philippines has frozen more assets allegedly linked to graft-ridden flood control projects
The amount includes 4 billion pesos worth of aircraft of resigned lawmaker Zaldy Co, Mr Marcos said in a video posted on his Facebook account.
The Civil Aviation Authority of the Philippines had identified 13 aircraft including choppers and planes belonging to companies with ties to Co, local media reported earlier.
The president last week ordered the arrest of Co and other individuals
“This is just the beginning. More assets will be frozen,” Mr Marcos said. “Our promise is that the money of the people will be given back to the people.”
Co, who’s currently at large, earlier accused Mr Marcos of pocketing funds meant for flood infrastructure, allegations which Mr Marcos’ office had called “propaganda”.
Citing data from the Anti-Money Laundering Council, Mr Marcos said 3,566 bank accounts, 198 insurance policies, 247 motor vehicles, 178 real properties and 16 e-wallet accounts have been immobilised so far.
The dirty money watchdog didn’t give details on the frozen assets.
Last week, the government auctioned off seven luxury vehicles linked to the graft mess, including a Bentley Bentayga, a Rolls-Royce Cullinan, and a Mercedes-Benz G63 AMG.
Mr Marcos also said the Independent Commission for Infrastructure and the Department of Public Works and Highways will submit evidence to the ombudsman to support their recommendation to file charges of plunder, anti-graft, bribery and conflict of interest against eight lawmakers who own construction companies.
He didn’t name the lawmakers.
The Marcos administration is bolstering efforts to hold to account those involved in the multibillion-dollar graft mess surrounding flood-control projects in one of the world’s most typhoon-prone nations. BLOOMBERG
