BDO returns Wellex stocks to govt

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BANCO de Oro (BDO) has returned the 300 million shares of stock registered under businessman William Gatchalian to the Sandiganbayan as part of the ill-gotten wealth forfeited in the plunder case of former president and now Manila Mayor Joseph Estrada.

In a four-page compliance, the private bank said that it has now forwarded 300 million Wellex Group, Inc. shares to the public coffers.

These shares are under the Investment Management Account (IMA) Trust Account 101-78056-1, which the court forfeited when it convicted Estrada in 2007.

The trust account referred to the erstwhile Equitable PCI bank account under the name of Jose Velarde, purportedly Estrada.

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Sandiganbayan Sheriff Division chief Albert dela Cruz asked the BDO to return all of those deposited under the IMA account.

Francisco Gerardo Llamas of the BDO Legal Services Group informed the court that they already forwarded stock certificates 000780 to 000782 all of which are registered under Gatchalian.

Also under the IMA account are the Waterfront shares estimated at P652 million, promissory notes showing the loan of P500 million and the chattel mortgage securing the loan, and common trust fund worth P85.75 million.

John Constantine G. Cordon

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