Bautista has to explain why he placed sequestered accounts in Luzon Bank: PCGG deposits accounted for 70% of Limcaoco bank
He might have escaped an impeachment trial by the skin of his teeth, but resigned Commission on Elections (Comelec) Chair Andres Bautista will have to explain before Senate probers why he placed under Luzon Development Bank (LDB) the accounts of some of the sequestered companies when he was still head of Presidential Commission on Good Government (PCGG).
“May dapat sya ipaliwanag dahil ito ay taliwas sa regulasyon. Dapat sa isang government depository bank ilagay ang pera. Pero karamihan sa accounts ng sequestered companies, ayon sa NBI (National Bureau of Investigation) sa hearing natin ay inilagay sa LDB,” Sen. Francis “Chiz” Escudero said.
The chair of the Senate committee on banks, financial institutions and currencies said he would resume bis probe on Bautista’s alleged undisclosed bank accounts next month, including the transfer of PCGG accounts to LDB which was owned by the family of his Ateneo high school buddy and groomsman Rene (“Timmy”) K. Limcaoco.
“Para mabigyan linaw at paliwanag. Hindi ako nag-aakusa. Nagtatanong laang upang mabigyang linaw ang issue na ito,” he said.
In a radio interview, Escudero noted that the LDB, which is a rural bank, has an estimated asset worth P5 billion and based on the previous Senate hearing, the accounts supposedly under the name of Bautista and those of the PCGG-sequestered companies comprised 60 percent to 70 percent of the deposits in LDB at the time when the Comelec chair was still with PCGG. Bautista’s wife, Tish, claimed that Andy had P329 million personal deposits in LDB.
The matter of inviting Bautista to the hearing depends upon his colleagues sitting as members of the committee or one of the authors of the resolution who sought the probe.
“Kung may humiling na member of the committee, hindi ako magdadalawang isip na imbitahan siya at kung hindi siya dadalo ay mag-iisyu ng karampatang subpoena. Pero naniniwala naman ako na dadalo siiya kung sya ay iimbitahan base na rin sa mga pahayag nya sa publiko na handa siyang harapin ito,” he said.