Witness based report on prosecution papers

Forensic financial analyst Alexander Cabrera acknowledged on Monday that his report attributing a 20-percent stake in GenCorp Industries Inc. and substantial capital to Vice President Sara Duterte was based partly on documents supplied by the prosecution, which presented him as its final witness.

Cabrera admitted that the attribution was not supported by contracts, a deed of assignment, or a subscription agreement, as these documents were not made available to his forensic team for examination. He maintained, however, that “the absence of a document is also evidence.”

Defense lawyer Kristine Ferrer asked whether the 20-percent attributed to the Vice President was based on the assumption that Duterte exercised “significant influence” over GenCorp, to which Cabrera answered in the affirmative.

“In short, this supposed investment in GenCorp was calculated based on the documents that were provided to you by the prosecution?” Kristine Ferrer asked.

“That is correct,” Cabrera replied.

“Based on all of those, you attributed capital of 20 percent to Vice President Sara Duterte?” Ferrer followed up.

“That is correct,” Cabrera said.

Duterte identified herself as an incorporator and stockholder of GenCorp in her Statements of Assets, Liabilities and Net Worth.

Securities and Exchange Commission records, however, did not list her as such.

Cabrera had conducted an independent forensic review of Duterte’s and her husband Mans Carpio’s bank records, including those of corporations they allegedly partly owned.

His findings, revealed to the Senate impeachment court on Friday, showed that GenCorp had revenues of P1.04 billion that was not declared to the Bureau of Internal Revenue (BIR) from 2022 to 2025, overlapping with Duterte’s tenure as VP.

According to Cabrera, the corporation understated its revenues in its income tax returns by an average of 87 percent annually, which he said “amounts to fraud.”

When Ferrer asked whether there were any criminal cases for tax evasion or fraud filed by the BIR or DoJ against the Second Couple, he replied, “Maybe not yet.”

More than P200-M ‘linked’ to Sara

Of the P1.04 billion in undeclared inflows, Cabrera said that more than P200 million was attributed to Duterte, applying his 20-percent estimate of her stake in the company,

The breakdown of her stake was as follows: P55.9 million in 2023, P74.1 million in 2024, and P82.9 million in 2025.

GenCorp owns five Jollibee restaurants in Davao City, Duterte’s political turf. They are the branches at Centerpoint Plaza Matina Crossing, at Davao Gaisano Mall, at Abreeza Mall, at Times Square Plaza Corner, and on Bolton Street in the Poblacion District.

Based on Cabrera’s reports, each branch had an initial annual capital contribution of P35 million. He admitted that he arrived at that estimate using data available on Jollibee’s website and inquiries from other franchise owners.

Cabrera said his team did not confirm with GenCorp if it owned the branches in question and they did not obtain documents from Duterte and Carpio, including GenCorp’s stock and transfer book, stock certificates, franchise agreements, or audit working papers, to support their valuation in their report on the couple’s alleged share ownership.

Cabrera, however, pushed back against Ferrer’s remark that the ownership of the five branches was based merely on his “assumption.”

“It’s not an assumption, it’s in the receipts,” he asserted.

“But these receipts that were attached to your report were only provided to you by the prosecution, correct?” Ferrer asked, to which Cabrera replied, “That is correct.”

The defense then pointed to Cabrera’s report, which attributed P300,000 to Duterte’s paid-up capital in GenCorp in 2022 and another P262,500 in 2025.

Cabrera confirmed that the figures did not appear in GenCorp’s general information sheet.

He also confirmed that he examined the spouses’ bank records for only three weeks, although he began his independent analysis as early as July 2026, upon receiving the documents from the Securities and Exchange Commission and the Anti-Money Laundering Council.

Cabrera was the prosecution’s final witness before it rested its case.

His testimony centered on Article II of the Articles of Impeachment, which accuses the VP of amassing unexplained wealth, discrepancies in her SALN, and failure to divest her business interests.