Landbank: Velarde account no longer with us

Land Bank of the Philippines officials admitted yesterday receiving P26 million from the controversial "Jose Velarde" account but said the money is no longer with the bank.

In response to a notice of garnishment from the Sandiganbayan, Landbank assistant vice president Rosemarie Osoteo and senior vice president Miguel Gonzales informed Sandiganbayan sheriff Ed Urieta in a letter that the check for P26 million from Equitable PCI Bank has been sent to the drawee bank.

"Kindly be apprised that LBP received the same for the purpose it was intended," read the letter. "But the check is no longer in the possession of LBP as it was subsequently sent to the drawee bank in accordance with the clearing procedures."

Urieta said Landbank president Margarito Teves would have to explain to the anti-graft court what happened to the P26 million from the "Jose Velarde" account linked to ousted President Joseph Estrada.

Special Prosecutor Dennis Villa Ignacio said the government will ask the special division to order Teves to appear before the court.

Prosecutors said the P26 million was part of the P3.2 billion deposited in the "Jose Velarde" account, which Estrada allegedly amassed during his more than two years in office.

Earlier, Urieta gave Teves five days to inform him of "whatever action you have taken" on the matter of the P26 million or he would be summoned before the special division to testify in Estrada’s plunder trial.

"You should not deliver, transfer or otherwise dispose of such property in your possession to any person or entity except to the undersigned," read the notice.

Teves failed to reply to the first notice of garnishment from the Sandiganbayan.

The anti-graft court issued the order after Equitable declared that only P2,276 is left in the "Jose Velarde" account.

Businessman Jaime Dichaves, an associate of Estrada, had claimed ownership of the "Jose Velarde" account but he fled and has remained missing after Estrada was ousted in a military-backed uprising on Jan. 20, 2001.

Justices, prosecutors to inspect ‘Boracay’

In a related development, the registered owner of the so-called "Boracay" mansion, which prosecutors say belongs to Estrada, has agreed to allow Sandiganbayan justices and Ombudsman prosecutors to inspect the premises in New Manila, Quezon City.

Jose Yulo, president and majority stockholder of St. Peter’s Holdings Corp., said he has no objection to the petition of prosecutors to conduct an "ocular inspection" of the P142-million property, which was named after the famous island resort off Aklan.

"I have no objection to the motion (of prosecutors for an ‘ocular inspection’)," he said in a one-page manifestation submitted to the special division.

St. Peter’s Holdings Corp. is the registered owner of the "Boracay" mansion.

Sandiganbayan Presiding Justice Minita Chico-Nazario, who chairs the special division, told defense counsel Manuel Pamaran the outcome of the "ocular inspection" would be contained in the court’s decision.

"As to what value the (Boracay mansion) would have will be decided later on," he said.

Pamaran, who was the anti-graft court’s first presiding justice, had continuously objected to the inspection of "Boracay."

Pamaran said prosecutors should instead present in court the title to the property which is the best evidence to prove that Estrada owns the mansion.

"The court can regulate the presentation of evidence (and do away with the inspection)," he said. "(Boracay) belongs to another person. If it is in the title, then it cannot be any other. The title is the best evidence. Let them prove the real ownership."