Frozen assets under graft probe hit P13B

MANILA, Philippines — The Anti-Money Laundering Council (AMLC) has secured another freeze order from the Court of Appeals. This brought to P13 billion the total value of frozen assets under the widening probe into anomalous flood control projects.

READ: Flood control projects work without whiff of corruption

In a statement on Friday, the AMLC said the latest directive, dated Dec. 4, covered the assets of a private construction company. The firm was “identified as having the greatest number of ghost flood control projects, along with entities and individuals linked to the construction firm.”

The new court order blocked 280 bank accounts, 22 insurance policies, three securities accounts and eight air assets.

READ: AMLC tracks foreign assets tied to flood control corruption cases

“The filing of this petition for a freeze order underscores the AMLC’s firm commitment to recover every peso of public funds that may have been misused,” said Matthew David, the council’s executive director. INQ