AMLC freezes P22.8-B assets related to ghost flood control projects

The Anti-Money Laundering Council (AMLC) has secured 15 freeze orders covering assets worth P22.869 billion in connection to anomalous flood control projects.

According to a report on Unang Balita, the freeze orders cover 724 individuals and 537 entities such as construction companies.

Meanwhile, the breakdown of the P22.8 billion is as follows:

• P14 billion (6,692 bank accounts)
• P4.8 billion (10 air assets)
• P2.1 billion (161 real estate properties)
• P902.1 million (other investments)
• P490 million (394 insurance accounts)
• P445.2 million (229 motor vehicles)
• P400,639 (16 e-wallet accounts)

The AMLC said they may file a forfeiture case for the return of the assets after six months.

To recall, the investigation into anomalous flood control projects began last year after President Ferdinand Marcos Jr. disclosed that 20% of the total P545 billion budget was awarded to only 15 contractors.

READ: The corruption of Philippine flood control projects

Since then, several Department of Public Works and Highways engineers and officials have implicated several lawmakers, senators, and former officials in the flood control mess.—AOL, GMA Integrated News