‘Corona opened PSBank account with $700k initial deposit’

Monday, February 6, 2012

MANILA (Updated 3:11 p.m.) -- The prosecution panel on Monday disclosed that Chief Justice Renato Corona opened a Philippine Savings Bank (PSBank) account in October 2008 with an initial deposit of $700,000.

In a supplemental request for subpoenae filed Friday and signed by lead prosecutor Iloilo Representative Niel Tupas Jr., the prosecution team said the amount of $700,000, equivalent to around P34 million in 2008, “was not declared in any of the respondent’s SALNs.

The prosecutors said an “anonymous source” provided the prosecution team with photocopies of the said PSBank documents.

The documents also show that a PSBank account was opened in April 16, 2007 under the name of Constantino Castillo III, the Chief Justice’s son-in-law; or Carla Beatrice Corona; Corona’s daughter, or the Chief Justice himself. An initial deposit of $7,301 was made to open the said account.

Prosecutors, however, stressed that “it cannot vouch for the authenticity of the said documents”.

“The prosecution believes that it is its duty to submit the documents to this Honorable Impeachment Court, as they may have a bearing on the Court’s resolution of the pending request for subpoena,” they added.

The prosecution panel earlier requested to subpoena the managers of PSBank’s Katipunan branch and the Bank of the Philippine Islands’ (BPI) Ayala Avenue branch.

In his 2002 to 2010 SALN, Chief Justice Corona declared “cash and investments” in the following amounts: 2002 – P2.7 million; 2003 – P3.3 million; 2004 – P3.3 million; 2005 – P3.3 million; 2006 – P2.5 million; 2007 – P2.5 million; 2008 – P2.5 million; 2009 – P2.5 million; 2010 – P3.5 million.

The prosecutors pointed out that documentary evidence presented during the impeachment trial indicate that Corona has bank accounts “with funds which are greatly in excess of the amount declared in the SALNs”.

Four BPI checks with a range of P4.5 million to P5 million were issued in 2008 and 2009 to pay condominium units, the prosecution’s witnesses earlier testified. The amounts were based in receipts issued to him by Megaworld Properties Inc.

“There is a great disparity between the amounts indicated in respondent’s SALNs and the amounts in respondent’s checks (based on official receipts issued to him). The disparity is very apparent from the records. Thus, there is sufficient basis and reason to look into the bank accounts of the respondent,” the prosecutors said.

Corona was also reported to have P1 million from PSBank’s monthly raffle in 2008.

The defense panel opposed the prosecution’s request for subpoena saying it is part of the latter’s fishing expedition intended to prove the alleged ill-gotten wealth of their client. Senator-judges have earlier ruled that they will ignore the said allegation stated in the impeachment complaint.

Defense lawyer Tranquil Salvador III said the documents "illegally sourced, and anonymous at that," should not be accepted as evidence. "How do they want the Court to appreciate it?" he said.

Defense lawyer Jose Roy III also said the bank records are confidential under the Foreign Currency Deposit Act of the Philippines. Unless a depositor gives his written permission, foreign-currency accounts are "absolutely confidential in nature."

"Surely the Impeachment Court can see through the design of the Prosecution. Intent in further destroying the Chief Justice, they will do any thing, even commit a criminal act, just to fish for evidence to pin him down," Roy said. (Kathrina Alvarez/Jonathan de Santos/Sunnex)