Thursday, November 15, 2007 Bank ordered to turn over Erap foundation fund to government
THE Sandiganbayan directed on Wednesday the Equitable-PCI Bank to turn over in favor of the Republic of the Philippines P215,828,318.13 contained in the account of the Erap Muslim Youth Foundation (EMYF).
Chief Sheriff Edgardo Urieta directed Gerardo Banzon, head of the bank’s Legal Advisory and Research Department, that the amount be divided into two certified checks: one for P209.35 million in the name of the Sandiganbayan and another for P6.47 million in the name of the Sandiganbayan Judiciary Development Fund.
Urieta said he expects the sum to be turned over within the week.
In its decision last September convicting former President Joseph Estrada of plunder, the anti-graft court’s Special Division declared that the P200 million plus interest deposited in EMYF’s account at EPCI Bank came from jueteng payola and must be forfeited in favor of the government.
Estrada did not contest the ruling but his lawyer Edward Serapio, corporate secretary of the foundation, said they will study legal avenues to assert EMYF’s claim over the amount.
Also on Wednesday, Urieta’s office served garnishment papers on the second title covering a 2,000 square-meter area of the so-called Boracay mansion after earlier staking the government’s claim on the first certificate of title over a 5,000 square-meter portion of the property located in New Manila, Quezon City.
The completion of garnishment of the Boracay Mansion is necessary to pave the way for the planned public auction of the property pursuant to the forfeiture order of the Sandiganbayan.
But Estelito Mendoza, a member of Estrada’s legal team, said Urieta should exercise prudence in implementing the forfeiture ruling as he pointed out that the former President’s challenge on the validity of the writ of execution remains pending.
“They should first allow the court to resolve our motion to quash in respect of due process. The writ has no basis because the clerk of court went beyond the bounds of the verdict and inserted her own interpretation,” Mendoza said. (Sunnex)
