Australia to freeze Dante Tan’s assets

Australia has granted a Philippine government request to freeze the assets of fugitive businessman Dante Tan, an associate of deposed former president Joseph Estrada, who fled to that country with assets worth nearly $500,000, the Department of Justice disclosed yesterday.

The DOJ has received a message from Canberra containing a "favorable response" to Manila’s request that Australia freeze Tan’s assets there, according to Justice Undersecretary Merceditas Gutierrez.

Gutierrez refused to elaborate on the arrangement, saying it might hamper efforts to track down Tan who has fled Australia to an unknown location.

But she noted that freezing Tan’s assets will curtail Tan’s movements and hamper his ability to cover his tracks, she said.

Tan fled the Philippines after he was accused of involvement in an alleged conspiracy to manipulate stock market prices in 1999.

Tan was charged before the Pasig City regional trial court on Dec. 18, 2000, for allegedly manipulating the stock price of Best World Resources. The court issued three warrants of arrest against him.

The stock manipulation scandal scared away traders and damaged investor confidence so severely that it led to the near-collapse of the Philippine Stock Exchange for the first time in its brief history.

Tan fled the country and disappeared after the Arroyo administration was swept into power in January 2001.

Tan surfaced in Australia early this year after local authorities began investigating him for making an illegal campaign contribution in 2001 to a local politician, Australian Immigration Minister Philip Ruddock. Ruddock granted Tan Australian citizenship in 2002.

It was also discovered that Tan also gave money to a member of the political opposition in Australia’s parliament.

Tan fled Australia on June 4 a step ahead before the justice department asked for Tan’s extradition. Australia revoked his permanent residency status.

He reportedly moved to Singapore and later to Shanghai, China. Tan allegedly holds Australian, Chinese and Philippine passports.

Gutierrez said Manila did not know that Tan was in Australia until news of the Ruddock campaign scandal made headlines.

Manila then asked Canberra to freeze Tan’s assets in July.

Tan is believed to be in China using his Chinese name Shao-ghi Chen but DOJ officials refused to confirm this.

Manila has yet to ratify its treaties on mutual legal assistance and extradition with Beijing but is counting on its bilateral relations to get Chinese assistance in getting Tan back to the country.