Gov’t insists on opening Ligots’ bank accounts

From Malaya Business Insight (Mar 29): Gov’t insists on opening Ligots’ bank accounts

GOVERNMENT prosecutors have asked the Sandiganbayan Second Division to junk the opposition of former Armed Forces of the Philippines comptroller Lt. Gen. (ret.) Jacinto C. Ligot and his family to the presentation of banking officials who will present documents and testify on the financial transactions of the respondents in their P55.6 million ill-gotten wealth forfeiture case.

In a 12-page comment, assistant special prosecutors Edgar S. Martho and Anna Leah Y. Tiongson-Mendoza argued that the objection of the Ligots invoking confidentiality of their bank records has no legal basis.

“Under existing laws and relevant regulations, respondents’ bank deposits and investment accounts subject of this case cannot be extended the privilege of confidentiality,” the prosecution said.

Aside from Ligot, also named co-respondents are his wife Erlinda; children Paulo, Riza, and Miguel; brother-in-law Edgardo Yambao; and Gilda Y. Afonso-Velasquez, cousin of his wife.

Government lawyers sought the issuance of subpoena on officials of Metrobank and Citicorp Financial Services and Insurance Brokerage Phil., Inc. (CFSI) regarding the dollar placements of Ligot.

 Based on the prosecution’s figures, the CFSI account no. 5274901001 held P52.525 million in the name of Velasquez.

The respondents have sought refuge under the provisions of RA No. 1405 or the Bank Secrecy Law, claiming their bank records are “absolutely confidential in nature.”

Their lawyers cited RA 1405 which recognizes only four exceptions under which disclosure of bank records may be allowed. These are if the depositor issues a written permission, if the bank deposit is a subject of an impeachment case, upon an order of a competent court in a case against a public official concerning bribery or dereliction of duty, and in case where the money held is the subject matter of litigation. They said none of these   grounds are present.

The prosecution, however, noted that aside from the Sandiganbayan, access into the Metrobank and Citicorp accounts by the Anti-Money Laundering Council were earlier allowed by the Makati Regional Trial Court branch 61 and the Court of Appeals.

“Clearly, the inquiry on the bank accounts of the respondents was in line with the exception provided (in the law) and within the term ‘order from competent court’,” it said.

http://www.malaya.com.ph/business-news/news/gov%E2%80%99t-insists-opening-ligots%E2%80%99-bank-accounts