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Aug 15, 2017 @ 16:35

Kapunan claims Andy Bautista’s favorite Luzon Bank is ‘bankrupt’

 

Lawyer Lorna Kapunan is claiming that Luzon Development Bank where Commission on Elections Chair Andy Bautista has kept a substantial amount of funds is “bankrupt.”

In an interview with ANC’s Karen Davila, Kapunan, a legal adviser of Bautista’s estranged wife Tish, said: “That bank which incidentally is bankrupt… we’ve seen many people, columnists have written about the financial viability of Luzon Development Bank.”

In her affidavit to the National Bureau of Investigation, Tish claimed that Bautista has 35 separate accounts in Luzon Bank’s two branches – Bonifacio Global City and Makati City – with total deposits of P329 million.

Manila Times columnist Bobi Tiglao questioned why Bautista would entrust 98 percent of his cash deposits in a “small Laguna-based thrift bank with a net income of P6 million in 2014 or just two percent of Bautista’s supposed deposits there).

Tiglao said Luzon Bank was owned by the family of former Transportation Undersecretary Rene “Timmy” Limcauco who was Bautista’s Ateneo classmate and groomsman at his wedding to Tish.

Kapunan claimed something was fishy in Bautista’s financial transactions with the Limcaoco bank in 2016 when he deposited P400,000 (the minimum threshold to would trigger an automatic check by the Anti Money Laundering Counil) every day for 26 days straight.

“If it is family income (as claimed by Bautista), where did it come from? P400,000 a day, what kind of family business is that? I’d like to invest in that business. Count me in Andy as an associate shareholder,” said Kapunan.

Bautista explained that the funds were part of a “FOREX” pyramid scheme concocted by one of his friends from Ateneo High School and which also invloved his family

In a previous interview with Davila, Tish claimed that the funds came from BDO bank’s branch at Bonifacio Global City and were supposed to be proceeds from a lending scheme.

Kapunan said that these evidence should compel government agencies to freeze these accounts as part of the probe into the alleged unexplained wealth of Bautista of over P1 billion.

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