Some govt sequestered firms kept accounts with thrift bank--NBI

SOME sequestered firms managed by then Presidential Commission on Good Government (PCGG) Chairman Andres Bautista maintained accounts with the Luzon Development Bank (LDB), the National Bureau of Investigation (NBI) disclosed on Wednesday.

Testifying before the Senate committee on banks, Minerva Retanal, NBI anti-fraud division executive officer, said she made the discovery when her office started investigating the allegation of Bautista’s estranged wife, Patricia, that he amassed around P1 billion in hidden wealth that included cash deposits and condominium units.