BDO surrenders P146-million Jose Velarde money, stocks to Sandiganbayan

MANILA, Philippines – Another Jose Velarde account was forfeited in favor of the government after Banco de Oro (BDO) handed to the Sandiganbayan sheriff some P146 million in cash and stock certificates in compliance with the court’s order.

Sheriff Edgardo Urieta said he and his men did not have any problem claiming three checks amounting to P101.3 million and nine certificates of Waterfront shares worth P50 million each.

The Sandiganbayan Special Division forfeited the Jose Velarde account after dismissing the motions for reconsideration of its order of September 2007.

Sheriff Albert de la Cruz said BDO officially surrendered the money and certificates on April 22, 2009.

The shares of stocks will likely be auctioned off to meet the actual forfeited amount of P187 million, considering that the market value of the same would be higher, he added.

Any money from auction beyond the forfeited amount would be returned to BDO, De la Cruz said.

Since former President Joseph Estrada’s conviction, the Sandiganbayan has ordered the forfeiture of other Jose Velarde assets like the funds of the Erap Muslim Youth Foundation worth P215 million and the “Boracay Mansion” in Quezon City. – Michael Punongbayan