Defense reiterates confidentiality of foreign currency deposits

By ROUCHELLE R. DINGLASAN, GMA News

Published May 28, 2012 3:30pm

(Updated 4:53 p.m.) - In the oral argument to conclude the impeachment trial of embattled Chief Justice Renato Corona, his lawyer on Monday argued that dollar accounts are confidential and need not be declared in the statements of assets, liabilities and net worth (SALN).

Defense lawyer Eduardo de los Angeles on Friday said, “The Foreign Currency Deposit Act or Republic Act No. 6426, states that there is full and absolute confidentiality [in foreign currency bank accounts].”

“Unless there is waiver of the depositor, this provision of confidentiality under the specific law could not be amended without legislation,” the former Ateneo Law School dean said.

The prosecution panel pounded on the chief justice after Ombudsman Conchita Carpio-Morales revealed that Corona has dollar deposits amounting to at least $10 million.

However, the chief justice belied the accusation saying he has only $2.4 million in his dollar accounts and P80.7 million in his peso accounts.

“Non-inclusion of certain bank accounts has been tainted with any malice by the prosecution,” de los Angeles said, citing that the chief justice has been consistent in his practice for about two decades now.

De los Angeles, a former Philippine Stock Exchange president, added that the gap between the SALN Law and the FCD Act is just a gap or a question in law.

“There may be what we call a gap or hole or uncertain question of law. The gap may have to do with dollar deposits vis-a-vis the public duty of officers to disclose assets, liabilities and net worth to SALN.”

Foreign deposits as haven for corrupt officials

De los Angeles said Corona’s interpretation of the FCD Act should not be construed to mean it is a way for corrupt government officials to use foreign currency accounts to hide their wealth.

“Let us not mistake use of this interpretation in the possibility of this abuse,” De los Angeles said.

De los Angeles said SALN expert Estrella Martinez did not find any public officer who has disclosed dollar accounts in his/her SALN. “It is submitted that non-disclosure of dollar accounts does not amount as an impeachable offense,” the defense lawyer said.

No 'damning' evidence presented by the prosecution

“Peso holdings or deposits were not disclosed in his SALN,” de los Angeles noted, saying that the peso bank accounts were ‘commingled’ with funds from his children, Basa-Guidote Enterprise Inc., or the money left by the chief justice’s mother.

“The Chief Justice relies on the basic principle that what he does not own, he should not declare as his asset... We have seen the absolute lack of any damning evidence presented against the Chief Justice,” de los Angeles added.

He said Corona’s submission of a waiver last Friday, which allows the Senate to look into the chief magistrate’s bank accounts, was a “standard of transparency in public service.”

Last December, the House of Representatives impeached the chief magistrate with 188 congressmen signing the impeachment complaint. Subsequently, the complaint was transmitted to the Senate.

In the eight articles of impeachment, the prosecution panel pursued only three articles namely: culpable violation of the Constitution, betrayal of public trust, and partiality to former President Gloria Macapagal-Arroyo by granting a temporary restraining order favoring the former president.

The Senate impeachment trial started on January 16, which was temporarily suspended from March 23 to May 7 to give way to the Lenten break.

Two-thirds or 16 conviction-votes from senators in one of the three articles are needed to convict Corona.

If Corona would be convicted, he will be the first chief justice to be impeached and removed from office. –KG, GMA News

Tags: coronaimpeachment, foreigncurrencydeposits, fcda, saln