Lee, Olarte to face tax evasion probe at DOJ

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Wednesday, April 16, 2014


THE Department of Justice (DOJ) will hold on April 28 its first preliminary investigation hearing on the multi-million peso tax evasion charges recently filed by the Bureau of Internal Revenue (BIR) against businessman Cedric Lee and doctor-lawyer Leo Olarte.

Handling prosecutor Allan Stewart Mariano earlier scheduled the hearing on April 11 but Lee's camp sought for postponement.

Lee and his company Izumo Contractors allegedly failed to pay P194.47 million in taxes to the government from 2006 to 2009.

The BIR said payments to Izumo culled from some local government units showed the company received a total amount of P302.63 million from 2006 to 2009, yet it only declared an income of P76.22 million for the four-year period.

This led the agency to conclude that the company "substantially" underdeclared its taxable income by P88.79 million or 1,602 percent in 2006, by P36.93 million or 404 percent in 2007, by P9.49 million or 44 percent in 2008 and by P91.20 million or 227 percent in 2009.

Aside from tax fraud charges, Lee has a standing arrest warrant for grave coercion in connection with the mauling of television host-actor Vhong Navarro last January 22.

Olarte, on the other hand, has a P2.93-million tax liability representing years 2006 to 2012.

The doctor is a former president of the Philippine Medical Association (PMA). (Virgil Lopez/Sunnex)?

Local news

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