Zaldy Co may be ‘beneficial owner’ of Sunwest, says NBI
‘Early findings provide bases to believe that Co may still be a beneficial owner of Sunwest, contrary to his claims of divestment.’
Elizaldy Co
The National Bureau of Investigation (NBI) on Wednesday reported that its early findings suggest former Congressman Zaldy Co may still be a beneficial owner of Sunwest Construction, despite his repeated claims of divestment.
NBI officer in charge Angelito Magno revealed this information after agents, acting on a Makati Regional Trial Court-issued inspection order, searched two condominium units owned by Co at Horizon Tower in Bonifacio Global City, Taguig last Tuesday.
The operation aimed to recover documents related to alleged bid-rigging and irregularities in government flood control projects.
“Early findings provide bases to believe that Co may still be a beneficial owner of Sunwest, contrary to his claims of divestment,” Magno said.
He confirmed that documents were recovered but declined to reveal specific details, citing the confidentiality of the inspection order as he stressed that the search is ongoing and that no cash, jewelry, or other high-value items were found.
The NBI is cross-referencing the recovered documents with testimonies previously presented to the Senate, including those of former employees allegedly involved in Sunwest transactions.
Initial checks by the NBI indicate possible corroboration between the documents and prior statements about Co’s continued involvement in the company.
Magno also cited that a city hotel, allegedly used as a safe house for Sunwest executives, was inspected by NBI and Philippine National Police teams, but the operation yielded no evidence.
The investigation continues into other individuals linked to the flood control projects, with cases already filed at the Department of Justice and assets, including luxury vehicles and bank accounts, frozen.
Authorities previously canceled Co’s Philippine passport and are coordinating with the Bureau of Immigration to trace his recent travels abroad. Officials are also examining the possibility that he may possess another passport, noting that a golden visa does not constitute proof of citizenship.
The NBI is part of a technical working group formed by the Independent Commission on Infrastructure to pursue asset forfeiture against those involved in the projects.
Magno added that further charges and potential arrest warrants could be expected once preliminary investigations are completed and the cases reach the courts.