Citibank-HK denies Estrada hid $500 M

What bank accounts?

Citbank denied yesterday that deposed President Joseph Estrada and former Philippine National Police chief now Sen. Panfilo Lacson held huge dollar deposits in the Hong Kong branch.

"We have verified that there are no accounts with these names and numbers in Hong Kong," the Hong Kong-based South China Morning Post quoted Ci-tibank officials as saying.

The newspaper said Ci-tibank was referring to allegations by Col. Victor Corpus, chief of the Intelligence Service of the Armed Forces of the Philippines (ISAFP), that Lacson maintained rich dollar accounts with Ci-tibank branches in Hong Kong, New York, Las Vegas, California and Canada.

Quoting a certain Janet Yu of Citibank-Hong Kong, Corpus had claimed Lacson had at least two accounts with the firm, bearing serial numbers 0064-532200034-4000 and 0692-3133-0042-50000 with balances of $28.47 million and $35 million, respectively, as of last July 1.

"The accounts exist and are authentic," Corpus had said. "We were able to confirm their existence through official and unofficial channels."

The Hong Kong newspaper said the Philippine Consul General to the former Crown Colony, Zeneida Angara Collinson, refused to comment on the controversy.

Corpus has insisted that the questioned accounts were authentic.

Lacson said he was willing to go to jail without trial if his detractors could present solid evidence of his alleged $700-million bank deposits in the United States and elsewhere in the world.

In Manila, Sen. Noli De Castro dared Corpus to name the people who furnished him the dossier on the overseas bank accounts of Lacson and his wife Alice, as well as jailed former President Joseph Estrada and his wife, Sen. Luisa Ejercito.

"The conduct and statements of Colonel Corpus appear to be enough grounds for the opposition to react with disdain," De Castro said in a statement.

He added that the procedure and basis of the investigation appeared to be flawed.

The former journalist-turned politician said Castro "will have to paint the true picture" now that President Arroyo has denied having ordered the secret investigation on the foreign bank accounts of the Lacsons and the Estradas.

De Castro hinted that if Corpus fails to substantiate his charges, the ISAFP chief himself might face a Senate inquiry "to establish the truth."

"By identifying the government officials involved and how the ISAFP was able to secure P3 million government funding, Col. Corpus can clear up the basic issues," De Castro said.

"We should all play by the rules. The role of the ISAFP as spearhead of the investigating team should be fully explained by Corpus. I believe that his job does not end with passing the buck to the Senate after collating information that have yet to be verified," he added.

De Castro also noted that the total of the alleged foreign bank accounts of Lacson ($728 million) was almost one-fourth of the national budget deficit.