Erap not guilty in perjury case

The Sandiganbayan special division has found former President Joseph Estrada "not guilty" in his perjury case. Estrada was accused of falsely declaring his income and wealth in his Statement of Assets and Liabilities for 1999. The crime of perjury is punishable under Article 183 of the Revised Penal Code with a jailterm of aresto mayor in its maximum term (six months) to prision correccional in its minimum period (six years). Estrada declared his networth at P37 million, and that he had business interests in three companies -- JELP Real Estate Development Corp.; J.E., Inc.; and, Feluisa Development Corp. The prosecution said he had more than that, including P57 million deposits in three bank accounts. Government prosecutors presented in court bank officers and tellers who testified to deposits under Estrada's name in Keppel Bank (P44.3 million), Security Bank and Trust Co. (P12.3 million) and Asia United Bank (P548, 121.84) in 1999. The prosecutors also claimed Estrada and his wife had corporate holdings in nine other companies: First LPL Land Syndication, Inc.; Asis-Ejercito Garments, Inc.; 24K International Food, Inc.; Alpha Funds, Inc.; Prime Entertainment for Television Production, Inc.; ADE Food, Inc.; Electronic Sentry Systems, Inc.; All Hot soup, Inc.; and, FELT Food Services. During the trial, the defense said the companies had ceased to exist since Estrada became vice president in 1992. The prosecution's witnesses included personnel from the Securities and Exchange Commission (SEC) who said the companies have been inactive for years in the absence of the required submission of annual reports, but were technically still in existence because the agency did not receive notices of dissolution. - GMANews.TV