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Sandigan forfeits Erap's 'Velarde' accounts, Boracay mansion

September 12, 2007 9:25am

The Sandiganbayan on Wednesday ordered the forfeiture of former President Joseph Estrada's bank accounts and real estate property in Quezon City in favor of the Philippine government.

In the verdict, the antigraft court said the following will be forfeited from Estrada: P545.291 million plus interest and income including the P200-million deposited under the account of the Erap Muslim Youth Foundation, P189 million worth of Jose Velarde accounts including interest and income earned and the so-called Boracay Mansion in New Manila, Quezon City.

Meanwhile, the convicted leader's son, Sen. Jose "Jinggoy" Ejercito Estrada and lawyer Edward Serapio were acquitted of plunder charges. As a result, the cash bonds were ordered canceled and released to the accused. Likewise, Jinggoy and Serapio's hold-departure orders were canceled.

Estrada was accused of violating Republic Act No. 7080 for allegedly receiving P545-million protection money from jueteng operators; diverting P130-million tobacco excise tax share of Ilocos Sur; receiving P189.7-million kickback from Belle Corp. for GSIS, SSS purchase of P1.8-billion worth of shares of stocks and maintaining P3.23-billion "Jose Velarde" account with Equitable-PCIBank Binondo, Manila branch. - GMANews.TV