Dante Tan, Yasay, Almadro swap charges

Presidential friend Dante Tan said yesterday that he paid former Securities and Exchange Commission (SEC) chairman Perfecto Yasay and Philippine Stock Exchange (PSE) official Ruben Almadro to help clear him in the probe of the Best World (BW) stock market scandal last year.

In an interview over radio station dzMM, Tan claimed he used go-betweens to pay Yasay some $50,000 and about 200,000 shares of stock in listed gaming firm BW Resources Corp.

The BW president also claimed that he paid P2.4 million to Almadro, a former PSE vice president who was then in charge of the bourse’s compliance and surveillance group.

However, Yasay denied accepting the bribes and challenged Tan to make his allegations in the Senate tribunal trying the four impeachment charges against President Estrada.

Mr. Estrada was impeached by the House of Representatives on charges of bribery, graft, betrayal of public trust and culpable violation of the Constitution.

The charge on betrayal of public trust alleges that the President instructed Yasay to clear Tan, a close friend, in the BW scandal investigation.

Tan claimed that he met with Almadro and mutual friend Nelson Sy at Robinson’s Galeria. Tan said Almadro noted certain loopholes in the findings and agreed to help the businessman for an acceptance fee of P1.5 million.

According to Tan, he gave an additional P900,000 to Almadro shortly after the latter had turned over some important documents to Tan’s lawyer, identified as Joey Rivera, that were meant to save him from a court case.

Testifying before the Senate impeachment tribunal, Almadro laughed off Tan’s "tall tale" and instead testified that Mr. Estrada last year told him and then PSE president Jose Luis Yulo that Tan bribed Yasay.

He admitted meeting with Tan at the Cuidad Fernandina on Nov. 26, 1999 when Tan suddenly arrived as his conference with Yasay was about to be finished.

At that meeting, Almadro said Tan sought their help because he was more of a victim but Almadro said he remained quiet.

Almadro said he had expected Tan to question his integrity and his credibility.

"They’ve been doing that since the start of our investigation. I had never accepted any bribe in my whole life. My staff knows this, that is why they all resigned when I resigned," Almadro said.

Both Yasay and Tan found Tan guilty of manipulating BW stock prices and failing to fully disclose his ownership the gaming firm that sparked a scandal that almost collapsed the PSE in March last year.

The scandal centers on dramatic price swings in BW stock prices as it rocketed 5,200 percent over an eight-month period to October 1999, plunging after it was announced that Macau casino mogul Stanley Ho had taken a minority stake and been elected company chairman.

After competing the PSE investigation, Almadro said his group found Tan guilty of manipulating BW shares to create artificial demand and earn around P820 million in June 1999.

Almadro claimed that he and Yulo subsequently went to Mr. Estrada’s office to report that there was evidence Tan was guilty of rigging BW’s stock prices.

Mr. Estrada at first insisted Tan was a victim and lost money in BW, but later indicated he believed the investigation findings. In that meeting, Almadro said Mr. Estrada told them Tan bribed Yasay.

Estrada denies Almodra testimony

Mr. Estrada, for his part, confirmed yesterday that he met with Yulo and Almadro at Malacañang but vehemently denied saying that Tan had bribed Yasay.

Mr. Estrada said he had limited knowledge about stock transactions, preventing him from applying any pressure on the PSE as alleged by Almadro.

"I have not pressured anybody because I do not understand stock exchange," the President told reporters.

Mr. Estrada said he will leave to the impeachment court whether Tan was guilty of the stock manipulation charges he is facing.

"Let’s see after these are investigated. Let the impeachment prove that," the President said.

Mr. Estrada noted that all the testimonies and evidence presented against him in the impeachment court have so far failed to prove the charges against him.

"That is what is overwhelming as you have seen in the proceedings. They were caught in their own web of lies. That is what is overwhelming, their lies and hearsays," the President said and laughed.

However, the President noted there appeared to be certain people accused in this case who were apparently being "protected" by the PSE probers.

"So I asked SEC chair Lilia Bautista to spare no one, even if this happens to be my relative," he added.

Mr. Estrada clarified that he did not invite Yulo and Almadro to Malacanang and the two were the ones who sought a meeting with him and it later turned out that they wanted to discuss the BW case.

"I told them ‘Release that (findings) to the press so that this Dante Tan can now be fully investigated.’ That’s all I told them and they left. But I never said anything other than that. So I cannot understand what they are now talking about," he added.

Mr. Estrada vowed anew that he will not intervene nor prevent the prosecution of any of his friends or close associates, like Tan, if they violated any law of the country.

Tan allowed to travel

The government late last month indicted Tan before Branch 153 of the Pasig regional trial court together with BW investor Jimmy Juan and BW executive Eduardo "Moonie" Lim.

Judge Briccio Ygaña yesterday reversed his Jan. 3 ruling barring Tan from leaving the country after Tan filed a motion for reconsideration.

In lifting the travel ban, Ygaña ordered Tan to post additional bail amounting to P360,000, or P120,000 each for the three cases pending against him.

Aside from the security bond, the judge also asked Tan to submit to the court an itinerary of his trip to Jakarta, Indonesia and Hong Kong.

Ygaña required Tan to report to the court within 48 hours after his return and stressed that he should "faithfully comply with the conditions" and to ensure his attendance to his arraignment and subsequent hearings.

The court warned Tan his liberty would be revoked and his bond canceled if he violates the conditions imposed on him.

The judge also threatened to invalidate Tan’s passport should he fail to comply with the rules.

Tan’s lawyer, Agnes Maranan, assured Tan would not flee the country and would face the charges against him. - With reports from Marichu Villanueva, Aurea Calica