Nothing wrong with collection of P95.76 M in Jose Velarde account

MANILA, Philippines – The sheriff’s office of the Sandiganbayan has defended its notice requiring Banco de Oro Unibank to transfer a portion of the P1.1-billion Jose Velarde account to three separate accounts of the anti-graft court.

Sandiganbayan chief sheriff Edgardo Urieta said it could be mere confusion on the part of state prosecutors when they questioned the Notice to Deliver sent by his office to the bank last Jan. 22 through a memorandum they filed last June 5 with the special division of the anti-graft court that handed down the plunder conviction against former President Joseph Estrada.

Government lawyers said the court should instead order the Sheriff’s Office to collect the entire P189.7 million, along with all interests and incomes earned that was deposited to the Velarde account, and not just the P95.76 million stated in the notice.

But Urieta explained that they sought the delivery of P95.76 million only in Banco de Oro since such amount was identified as “ready cash.”

“I think they (prosecutors) were just confused. We were seeking the  immediate delivery of P95.759 million because it is in a common trust fund that will mature on July 25.”

“As for the other assets, we could not get them yet from the bank as these are not yet liquidated. We will go after all the assets identified by the court until the forfeiture cost is fully satisfied.

However, there are other legal processes that should be respected,” he explained. “BDO is yet to make releases to us due to these pending claims.”

The official reiterated that the rest of the Velarde assets are in stocks and shares that were ceded to the bank by Wellex group as collateral.

Urieta said he suspects the state prosecutors might be confused as to how the forfeiture of the Velarde account should be carried out, adding that they should have coordinated first with his office to clarify issues before filing their objection.

He clarified: “They should have talked to us first. My office and my people are merely enforcing the ruling of the special division – no more, no less.”

The court sheriff said his office directed the bank’s Legal Services Division to draw three certified checks for the total amount of P95.76 million – P92,886,130 in the name of the Sandiganbayan, P1,915,260 for the Sandiganbayan Judiciary Development Fund, and P957,759 for the

Sandiganbayan Special Allowance for Justices and Judges Fund – based on the writ issued by the special division for execution of forfeiture order on the controversial bank account as part of the conviction of deposed President Joseph Estrada in Sept. last year.     – Edu Punay