AMLC hold order on more assets out

AMLC hold order on more assets out | Daily Tribune

The Anti-Money Laundering Council (AMLC) has secured another Freeze Order (FO), this time targeting a private construction company identified as having the most significant number of alleged ghost flood control projects.

In a statement published on its website on Friday, 5 December, the AMLC said the Court of Appeals (CA) granted the FO a day earlier. The order “covers the assets of a private construction company identified as having the greatest number of ghost flood control projects, along with entities and individuals linked to the construction firm.”

The FO covers 280 bank accounts, 22 insurance policies, three securities accounts, and eight aircraft assets. The CA said the properties may be connected to violations of Republic Act 3019 (Anti-Graft and Corrupt Practices Act) and Malversation of Public Funds and Property under Article 217 of the Revised Penal Code.

Although the AMLC did not release the firm’s name, multiple reports have identified the Sarah Discaya-owned St. Timothy Construction as having the most flood control projects under scrutiny, with government sources attributing 105 such projects to the company.

Co’s assets are also under a freeze order

The AMLC previously secured an FO on 26 November covering approximately P4 billion worth of air assets owned by former Congressman Zaldy Co. Co, whose whereabouts remain unknown, has publicly accused Marcos of orchestrating around P100 billion in budget insertions tied to ghost flood control projects.

The President has ordered the Department of the Interior and Local Government to closely monitor the whereabouts of Discaya and others connected to the alleged Davao Occidental ghost flood control project to ensure the speedy delivery of arrest warrants.

“The filing of this Petition for a Freeze Order underscores the AMLC’s firm commitment to recover every peso of public funds that may have been misused,” AMLC executive director Matthew M. David said.

To date, the AMLC said it has frozen 4,679 bank accounts, 283 insurance policies, 255 motor vehicles, 178 real properties, 16 e-wallet accounts, and three securities accounts — assets collectively linked to the floodgate scandal, estimated at least P13 billion.