Frozen accounts tied to flood control probe worth about P5B — ICI

The value of bank accounts that were frozen in connection with the probe into anomalous flood control projects is estimated at around P5 billion, Independent Commission for Infrastructure (ICI) executive director and spokesperson Brian Hosaka said Thursday.

According to Hosaka, this comprised around 2,800 frozen accounts.

“’Yung gusto natin bawiin, hindi natin masasabi pa sa ngayon because it’s a moving target right now,” Hosaka said at a press conference.

(What we want to recover, we can’t say for now because it’s a moving target right now.)

“What I can share with you is a rough estimate, according to the AMLC, that the amount of frozen accounts would be roughly around P5 billion,” he added.

As of last week, the AMLC has secured a sixth freeze order from the Court of Appeals on the assets tied to individuals and companies linked to the probe.

According to Hosaka, the next step is to seek forfeiture.

"Susunod na 'yun, diba? (That's next right?) After that you freeze and then you have to justify forfeiture," he said.

Hosaka said that the accounts may remain frozen during an ongoing forfeiture case.

“There’s going to be an application before the CA. Initially, if it is granted, they are given 20 days and after that another six months can be extended… Eventually, as the forfeiture proceedings or application is being heard before the CA, these assets will remain to be frozen,” he said. — RSJ, GMA Integrated News