Author Topic: Chief Justice Corona on Trial Admits 2.4 Million Dollars  (Read 1753 times)

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DonaldTrumpPH

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Chief Justice Corona on Trial Admits 2.4 Million Dollars
« on: May 26, 2012, 10:15:53 AM »
RECAP: Chief Justice Corona on Trial (Complete Video)


MANILA, Philippines - Chief Justice Renato Corona on Friday admitted having US$2.4 million, including interest earnings since the early 1970s, plus P80 million in co-mingled funds. "I never, at any time, had 10, 11 or 12 million [US] dollars," Corona said, denying a claim by Ombudsman Conchita Carpio Morales that he had "transactional balances" of $10 million-$12 million in his dollar accounts. Answering questions from senator-judges, Corona said his dollar accounts now total $2.4 million. He said he began investing and trading in dollars since the late 1960s when he was still working with the private sector.

In the mid-1970s, he said the Central Bank issued a circular allowing individuals to invest in foreign currencies. His P80-million peso deposits, on the other hand, include P34.7 million from the sale in 2001 of a real property of Basa-Guidote Enterprises Inc. in Manila, P10 million interest earnings, as well as money earned by his daughters Charina and Carla, and son-in-law, Francis. Asked why the money of his children was placed in one account, Corona said "the bigger the deposit, the bigger the interest."

The P80 million also includes a "Coronado fund," which came from his late mother. Corona only declared between P2.5 million-P3.5 million in investments and cash in bank in his Statements of Assets, Liabilities and Net worth (SALNs) from 2002-2010. The impeachment complaint accuses him of failing to disclose his real assets, liabilities and net worth.

Day 42 of the Impeachment Trial of CJ Corona


Several times, he was asked by senator-judges why he did not declare his dollars plus a big part of the peso deposits in his SALNs. Corona said: "Based on my study of the Foreign Currency Deposits Act (FCDA), the requirement of confidentiality is guaranteed." He cited a study by a former Bureau of Internal Revenue (BIR) official, Estrella Martinez, which reportedly found that not a single public official has declared his or her dollar and other foreign currency deposits in any SALN.

A big chunk of his peso deposits was not declared because "it is not ours," he said. The P34.7 million BGEI money is being held in trust by his wife. The family feud over BGEI was widely reported during Corona's impeachment trial. "We never denied na sa Basa-Guidote [money] yan. The thing is, the money is intact. Here and now, I acknowledge na hindi sa amin yan," Corona said. He said he got a cash advance of P11 million from BGEI, which he returned by 2010. The money was used to purchase a real property which, he said, is not even in his name. Asked why he withdrew big amounts on December 12, 2011, the day was impeached, he said: "Marami po akong naiwang kaibigan at kumpare sa MalacaƱang [at sinabing] ifi-freeze daw ang assets. Siguro, kung kayo rin, pangangalagaan nyo ang perang pinag-ipunan at ang perang hindi sa inyo."

Senator-judge Francis Pangilinan asked him: "You're saying there's absolute confidentiality. But it seems the P22 million [declared from 2002-2010] is very far from the $2.4 million or P80 million?...What is wrong if you don't declare it." Corona said the confidentiality clause in the FCDA is absolute. Pangilinan, however, pointed out that the Constitution provides that "under oath, we must declare all assets, liabilities and net worth." He asked: "What's more important, the law or the Constitution?" Corona answered: "The Constitution also provides the words [in section 17, Article 11] 'as may be provided by law'."

He said the SALN Law is also in conflict with the FCDU. "I don't want to sound legalistic. Ang legalistic po dyan, sasabihin, yung isa general law, yung isa special law, merong specific guarantee of confidentiality yung isa, yung isa naman ay wala. Pero, alam po ninyo kung ngayon lang po ako nag-ipon ng mga dollars na yan, maaring sabihin po ninyo totoo yan eh, pero matagal ko na pong iniipon yung mga dolyares na yan kasi dun po namin iniinvest yung aming pera," he said.




Responding to questions from Senator-judge Miriam Defensor-Santiago, Corona said his impeachment has sent chilling effects on the judiciary. He said the Aquino administration has violated the separation of governmental powers in an attempt to impose a "dictatorship." Diktadura na ang susunod, he said.


The Senate will likely convict Chief Justice Renato Corona on Article 2 of the impeachment complaint and affirm the Constitution's superiority over the foreign currency deposit law, a political analyst said Friday. Prof. Jun Salipsip of the Institute of Strategic and International Studies and the American Chamber of Commerce of the Philippines said he observed senator-judges raising the issue of the Constitutional requirement that government officials disclose all of their assets, liabilities, and net worth. "Based on the questions of the senators, it seems that they will base their decision on the Constitution," Salipsip told ANC.

Article 2 of the impeachment complaint against Corona accuses him of failing to disclose all of his assets and liabilities as required by the Constitution and Republic Act 6713, or the Code of Conduct and Ethical Standards for Public Officials and Employees.

Salipsip said that the nondisclosure of dollar accounts by Corona is now the subject of interpretation of laws, since some senators believe the Constitution and RA 6713 should prevail over RA 6426. "Some people are saying, the FCDA (law) came ahead, and the Constitution was much later, so they're saying it's the Constitution that must prevail," he said. "I think most of us will believe that it's the Constitution that prevails because it says assets and liabilities. Your assets would include all kinds of money that you have including the dollar deposits that you have," he said.

Despite his prediction of a Corona conviction, Salipsip believes that Corona's lawyers did a better job than the House prosecution team. He said the prosecution could have done better, but many are out of trial practice for years because of their legislation work. He also praised chief defense counsel Serafin Cuevas. "We have learned a lot because of him," he said. "I think the defense has done a great job." He believes Corona's lawyers were not aware of what the chief justice was planning to do Tuesday. "It looks like they were caught by surprise. I'm not sure if that's part of a script. I don't know what's happening behind (the scene)," Salisip said.

He said Corona's lawyers will rely on the chief justice's interpretation of RA 6426, while the prosecution will stick to the issue of his SALN. "'Why did you not declare it (assets)?' I think that's the basic issue in question and is the strongest argument. I think they will stick to that," he said. "That's the issue that will stick out. You've got $2.4 million. You misdeclared it. If you misdeclared it, you cheated," he added.

Sources: GMA News and ABS-CBN News
« Last Edit: May 26, 2012, 10:16:27 AM by DonaldTrumpPH »

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Chief Justice Corona on Trial Admits 2.4 Million Dollars
« on: May 26, 2012, 10:15:53 AM »

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RichPoorDad

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Re: Chief Justice Corona on Trial Admits 2.4 Million Dollars
« Reply #1 on: May 26, 2012, 10:33:42 PM »
It is not easy to stop corruption, It needs full support from the public. Without it all moves would be futile.
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IntraLover

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Re: Chief Justice Corona on Trial Admits 2.4 Million Dollars
« Reply #2 on: May 26, 2012, 10:48:10 PM »
One particular question would be studied very carefully by the senator-judges before they issue their verdict: Did the Chief Justice declare all of his assets in his SALN and if he did not, is this violation of the law serious enough to merit his removal from office?.....patay na...sabi sa batas pag hindi nai declare ang ibang pera mo at properties sa SALN it is violation of the constitution...and now the senator judges give expressway to corona to acquit because of their arguments na is this violation of the law serious enough to merit his removal from office? Tingin nyo?

entrepreneura

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Re: Chief Justice Corona on Trial Admits 2.4 Million Dollars
« Reply #3 on: May 26, 2012, 10:49:32 PM »
nobody got the right question to cj corona. Corona earns the money in the philippines meaning he was paid in pesos so the savings he had said are initially in pesos prior to investing in us dollar trading so he should have indicated it in his saln prior to converting to us dollars.

GreenMoney

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Re: Chief Justice Corona on Trial Admits 2.4 Million Dollars
« Reply #4 on: May 26, 2012, 10:52:01 PM »
For a chief justice to interpret laws that way, shows that he is not competent to be the final arbiter of the laws of our land. For him not to know basic accounting principles is also a sham as he is supposed to have worked in SGV as a senior officer. The reason he had all these accounts in his name was because he just feels so arrogant and untouchable in his position as CJ that he never expected that it would finally hit the fan. How in the world can you amass so much wealth? Do the math, for him to have saved that much even with interest that means he would need to have saved Php200,000 a month for 42 years. Impossible, he thinks everyone is so dumb not to see this.

Technopreneur101

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Re: Chief Justice Corona on Trial Admits 2.4 Million Dollars
« Reply #5 on: May 26, 2012, 11:04:30 PM »
CJ is intentionally making things about SALN ambiguous to protect himself. Being the CJ he is supposed to clear up matters about the interpretation of the law, not mess it up. Because of his own admission of not having declared his true worth in his SALN, it is game over for him.

BusinessManPH

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Re: Chief Justice Corona on Trial Admits 2.4 Million Dollars
« Reply #6 on: May 26, 2012, 11:26:34 PM »
Ngayon meron ng Idea ang mga corrupt govt employees ad officials convert lahat ng nakurakot sa dollar then ideposit sa banko sa phils no need to go to switzerland since meron namang "BANK SECRECY LAW" di mo na kailangan pang i declare ito sa SALN mo as per CJ Corona's statement. or di lang si CJ COrona ang nakakaalam nito?

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Re: Chief Justice Corona on Trial Admits 2.4 Million Dollars
« Reply #6 on: May 26, 2012, 11:26:34 PM »

 

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