• BDO closes ‘Jose Velarde’ account


    SIX years after former President and now Mayor Joseph Estrada of Manila was found guilty of plunder, the bank account of “Jose Velarde” has finally been emptied and closed.

    A senior official of Banco de Oro (BDO) said in a three-page sworn statement that Investment Management Account (IMA) Trust Account 101-78056-1 has already been “terminated” after all its assets were transferred to the state.

    In her recount of events, Arlene Olandesca, senior manager of the Trust and
    Investments Group of BDO, said that the bank had already forwarded P101.29 million in manager’s check to the Sandiganbayan through retired Sheriff Edgardo Urieta along with 450 million shares of stock of Waterfront Philippine Inc.

    This came after another P28,769.73 and 300 million Wellex Group shares of stocks  were also transferred to the state.

    The original copy of the promissory note and chattel mortgage made and executed by the Wellex Group Inc. and a certified true copy of its amendment was also transferred to the government.

    However, the legal services group of BDO clarified while the bank has already complied with and “delivered to the [Sandiganbayan]” most of the cash assets, bank lawyers told the court that it cannot intervene with the share of stocks.

    “BDO respectfully manifests that its corporate secretary will not be in a position to transfer the forfeited [750 shares of stock] in favor of the Republic of the Philippines,” lawyer Francisco Gerardo Llamas told the Sandiganbayan.

    He said that the responsibility lies with the private corporate secretaries of Wellex Group and Waterfront.

    For this, Llamas and the BDO legal group asked the court to “excuse” them from compliance as it is not within their bounds of duty.

    BDO asked the court in an earlier pleading that upon the delivery of all the remaining assets in the IMA Trust Account, the bank “respectfully moves that it be relieved of any further obligation under the trust account.”

    The BDO named Olandesca as its designated officer who could “bind the bank” in the delivery of all assets in the IMA to the anti-graft court.

    Olandesca said in her sworn statement that all the assets under the name Jose Velarde had been “delivered by BDO to the Sandiganbayan.”

    “Accordingly, IMA Trust Account 101-78056-1 has already been terminated,” the bank official stated.

    BDO inherited the controversial account after acquiring Equitable-PCI bank, where the original Velarde account was opened sometime in 1999.


    Please follow our commenting guidelines.


    1. This is what Im trying to comment to those loyalist of the former Erap. Who had gone belief that bcoz of this man, their love ones was able to finished their scholarship thru his erap foundation as what they claim that their hero Mr. Erap is the one responsible without him they would not finished their education what a blunder? Peoples tax payers money what a waste.

    2. It seems pinoys have problems with short term memory loss. They are kicking & screaming about the pork barrel scam & how easy it was to steal that money from the state well we all know estrada was velarde & just look how much he stole, it was probably a lot more than that as that is just what they got back. When will you people ever learn, i think never. Its not just in this its in everything i dont think pinoys like change, the rich & powerful dont so they know how to keep the people from wanting change. Its good you all pray as it gives you all some solace from the scum rping your country year in year out.

    3. Finally this has come to an end but people have already forgotten this case as Mr. Estrada won the Manila Mayor’s sit. I don’t think of anything else if the Manilans are stupid voting a guilty person into office.

    4. That money could help a lot of needy people.Good work.BDO!!! Next would be Gloria’s.Are her assets freezed also? Another candidadate is Napoles.uhh…a lot of money.Sufficient to pay our debts.Wow,we are little bit ligher.it’s true evil works will never prevail