Thursday, May 25, 2006 (Philippines)

Joseph Estrada, the former president, shortly after coming out of a Sandiganbayan trial for plunder. He said he signed the name Jose Velarde for fear that 3,000 Wellex Group Employees would lose their jobs.(Afp photo) Detained former president Joseph Estrada yesterday confessed before the Sandiganbayan Special Division that he indeed signed bank documents as Jose Velarde. But he was quick to add that mere signing bank documents containing as much as P3.2 billion at one time does not necessarily mean that he owned the account. Testifying for the sixth time at the Special Division to answer allegations of plunder and perjury, Estrada said the account with the Equitable PCI bank (EPCIB) belonged to businessman Jaime Dichavez and not him as claimed by government prosecution team. [full story]