Romualdez-linked firms ‘bought’ Forbes property
An Anti-Money Laundering Council (AMLC) investigator testified Thursday that a Forbes Park property believed to be owned by former House Speaker Martin Romualdez was purchased through companies prosecutors alleged served as his financial conduits.
Atty. Jan Mark Busa, testifying before the Sandiganbayan Third Division in Romualdez’s bail hearing, said 30 Tamarind Road in Forbes Park, Makati City, was acquired by Golden Pheasant Holdings Corp. using funds routed through Samchan Foreign Exchange Corp.
Busa said 21 manager’s checks totaling about P1.5 billion were issued by Samchan and forwarded to the Ocampo, Manalo, Valdez and Lim Law Firm (OMLAW), which then facilitated the purchase.
OMLAW was mentioned in Senate inquiries into the flood control scandal as having issued a notice to vacate the property to the previous owner.
Based on transaction records, Busa said the money moved from Samchan to OMLAW and then to Golden Pheasant. He said the AMLC found reasonable grounds to consider the transactions related to unlawful activities.
Manpower lack
Asked by Third Division chair Associate Justice Karl Miranda the basis for that assessment, Busa cited information from the Office of the Ombudsman and records in the AMLC database.
He said the council relied on allegations and transaction records in identifying suspicious activity. Busa also explained that the AMLC lacked the manpower to examine the large volume of covered transaction reports submitted by banks, requiring law enforcement agencies to assist.
Romualdez, along with former representative Zaldy Co, Samchan president and chairman Felicito Cristobal Guevarra, and a member of his household staff, was charged with plunder.
Prosecutors alleged they conspired to amass P7.4 billion in ill-gotten wealth from government infrastructure projects through dummy accounts and companies.
During cross-examination, however, Busa acknowledged that the AMLC investigation found no information directly linking Romualdez to the transactions used to purchase 30 Tamarind.
He also said the council found no transfers or deposits from government contractors or Department of Public Works and Highways officials to Romualdez, nor any evidence that inflows into his accounts were connected to unlawful activity or the flood control scandal.
Detained
Busa reported transaction peaks in Romualdez’s accounts from 2003 to 2007 totaling P3.9 billion, before his entry into politics; and from 2022 to 2025, when transactions reached P4.5 billion.
Romualdez’s lawyers argued that the figures showed the transactions were within their client’s financial capacity to pay.
The bail hearing will resume on 19 November, with the prosecution having three witnesses left to present. Romualdez’s camp said it had reserved three to four hearing dates to present its counter-evidence.
Romualdez remains detained at the New Quezon City Jail Male Dormitory in Payatas.