World | Philippines
Court order sought on Estrada assets
Banco de Oro Unibank sought Sandiganbayan's guidance in connection with its forfeiture order of Estrada's ill-gotten wealth after finding the ousted leader guilty of plunder last year.
- Staff Report
- Published: 00:35 April 26, 2008
Manila: A local bank has sought an anti-graft court's directive on 1.1 billion pesos (Dh367 million) in assets it holds allegedly on behalf of ousted president Joseph Estrada under the name Jose Velarde.
Banco de Oro Unibank sought Sandiganbayan's guidance in connection with its forfeiture order of Estrada's ill-gotten wealth after finding the ousted leader guilty of plunder last year.
Bank lawyers say they are unsure about how to comply with the court order since the Bureau of Internal Revenue froze the accounts while a private firm owned by an Estrada ally, William Gatchalian, is also claiming its ownership. The court says the accounts were part of Estrada's ill-gotten wealth.
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