'Estrada's account' found virtually empty

Senators opened the sealed 'second' envelope yesterday that sparked President Joseph Estrada's ouster and piqued the nation's curiosity for weeks, revealing huge bank transactions that investigators allege he made under an alias. The controversial bank account that once held total deposits of more than three billion pesos ($62.5m) was supposedly that of Jose Velarde, identified as one of former president Joseph Estrada's cronies.

The bank records contain a list of Estrada's business cronies as contributors of the Velarde account. The deposed president had imposed kickbacks from business associates, said observers. One of the contributors was Jaime Dichaves, importer of telecommunications equipment, who earlier claimed before the senate that he owned the Jose Velarde account.

Two senators took turns reading pages of bank records on live television, citing multimillion-dollar transactions – including four withdrawals of $9.6m each – under the name Jose Velarde. The account, already virtually empty, was closed November 13, the day the lower house of Congress filed its impeachment case against Estrada to the Senate.

"Those accounts are not mine ... This is not my account ... Anyway, the truth will come out," Estrada told CNN cable network during one of the few interviews he has given to media since his downfall on January 20. The savings account was emptied before he fell from power while the second account has about 5,000 pesos ($105) in it.

"My conscience is clear and clean and I am willing to face all those charges. These are fabricated charges," the disgraced former movie actor said, referring to a government investigation of him for alleged economic plunder – an offence punishable by death – and for corruption and bribery. Documents on two bank accounts allegedly owned by Estrada were unsealed by the Senate and turned over to Ombudsman Aniano Desierto, who is investigating Estrada.

The accounts were in the name of a "Jose Velarde" which prosecutors in Estrada's impeachment trial before the Senate last month said was an alias he used to hide his alleged ill-gained assets. Letter from businessman The documents included a letter from businessman Jaime Dichaves, a friend of Estrada, authorising the bank to open the Velarde accounts "care of the undersigned" with instructions to the bank to course all transactions through Dichaves.

Investigators said they expected to decide within two weeks whether to charge the ousted ruler in court or throw out the allegations. Estrada insisted in the interview with CNN that he remained the country's "legitimate president" and said new President Gloria Macapagal Arroyo, once his vice-president, "assumed office through mob rule".

"The acting president assumed office not through ballots but through the barrel of the gun when the military withdrew their support from their commander-in-chief," Estrada said. Meanwhile Senate President Aquilino Pimentel said: "I do not want anyone to say the Senate has covered up on the issue. What is important is for the nation to know the contents of envelope number two," a reference to some senators who lobbied that the controversial envelope be sealed forever.

"This truth, which was suppressed and denied the Filipinos as it was being imprisoned by politics (in the past) has finally been set free," said Senator Rodolfo Biazon, but added the Jose Velarde account "could only be the tip of the iceberg". He did not elaborate. "This process should include the investigation of all other bank accounts mentioned by the prosecution during the impeachment trial and other accounts uncovered as suspiciously belonging to former president Estrada under different aliases," said Biazon.