State prosecutors oppose travel for tax credit scam suspect

Government prosecutors opposed yesterday a month-long travel authority earlier granted by the Sandiganbayan to the main suspect in the multi-billion peso tax credit scam, reiterating that he is a "flight risk."

In a motion for reconsideration filed in the fourth division, the Official of the Special Prosecutor tried to stop the departure of Faustino Chingkoe to Hong Kong, Canada and the US to visit his family.

In her three-page pleading, Assistant Special Prosecutor Elvira Chua said Chingkoe is a holder of four passports, namely: Philippine, Canadian, Fijian, and Korean.

"Tan is a citizen not only of Canada, but also of Korea and Fiji, as evidenced by the certification from the embassy and the travel records from the Bureau of Immigration," she said.

The anti-graft court allowed Chingkoe to leave after he posted a P2.5-million travel bond.

Chua likewise stressed that Chingkoe’s business interests in the Philippines has "dwindled," which gives him more reason to evade prosecution and settle abroad, most likely in Canada where his family is residing.

"His business conglomerate has dwindled by the fact that his principal corporation, Diamond Knitting, has not been submitting to the Board of Investments the required quarterly production and sales report," she added.

The prosecutor reiterated that Chingkoe is facing serious offenses, involving 83 cases filed in the anti-graft court. His co-defendants include finance officials who issued spurious tax credit certificates to firms that are not entitled to tax exemptions.

"These circumstances lead to no other conclusion except that Chingkoe is just winding up his business affairs in the country while at the same time consolidating his business in other countries and is ready to abscond without notice," she warned.

Chingkoe, along with 11 of his firms, have been accused by government prosecutors of conspiring with finance officials in depriving the government some P3 billion in revenues out of the tax certificates the government issued to them.