By Benjamin Cuaresma
MANILA — The Office of the Ombudsman has alleged that billions of pesos in supposed kickbacks from flood control projects were funneled through a network of holding companies allegedly linked to close associates of former House Speaker Martin Romualdez, as investigators detailed what they described as a “maleta” cash delivery scheme in a sweeping supplemental complaint.
The allegations are contained in a 104-page supplemental complaint-affidavit dated July 20, certified by Assistant Ombudsman Eliseo DC Cruz and now forming part of the preliminary investigation against Romualdez, former Ako Bicol Rep. Elizaldy “Zaldy” Co, lawyer Jose Raulito Paras, and several other respondents.
The complaint seeks the filing of charges for plunder, graft and corruption, direct and indirect bribery, and money laundering.
According to Assistant Ombudsman Mico Clavano, the case has entered the preliminary investigation stage, bringing it a step closer to a determination of whether formal charges should be filed before the Sandiganbayan.
Investigators alleged that kickbacks equivalent to 10 to 25 percent of flood control contracts awarded between 2022 and 2025 were collected from government projects, citing former Public Works Undersecretary Roberto Bernardo as a state witness.
The complaint further alleged that the money was physically transported in suitcases, locally referred to as “maleta,” and delivered through trusted aides and drivers to conceal the identities of the alleged recipients.
Investigators claimed that, based on statements from Co’s security personnel, small suitcases could contain ₱15 million to ₱25 million, medium-sized luggage ₱30 million to ₱40 million, and large suitcases as much as ₱50 million to ₱70 million in cash.
The Ombudsman’s panel identified five holding companies that it believes served as conduits for the alleged movement and laundering of funds:
Golden Pheasant Holdings Corp.
Clearspring Holdings Corp.
Brightnews Corp.
Braavos Holdings OPC
Valiant Consolidated Resources Inc.
The complaint alleged that the companies were either owned or controlled by lawyer Jose Raulito Paras, described by investigators as a close associate and fraternity brother of Romualdez.
Investigators cited corporate financial records showing what they described as unusually large asset holdings despite minimal capitalization or operating revenues.
Among those cited was Clearspring Holdings Corp., which reportedly had only ₱4 million in paid-up capital but declared assets totaling ₱5.643 billion, largely consisting of investments in DigiPlus Interactive Corp.
Another company, Brightnews Corp., allegedly reported ₱1.376 billion in assets while recording operating losses but nearly ₱950 million in shareholder advances.
The complaint also pointed to Braavos Holdings OPC, which investigators said was linked to Singapore-registered Cecil Property PTE Ltd. The company reportedly acquired Villa Kabila, a luxury residential property in Sotogrande, Cadiz, Spain, valued at up to ₱471.8 million.
Investigators noted that Romualdez’s son, Ferdinand Martin “Marty” Romualdez Jr., has been identified as a polo player in Sotogrande. They clarified that this circumstance does not establish ownership but, according to the complaint, creates what investigators described as a “discernible connection” between the Romualdez family and the area.
The panel likewise questioned Valiant Consolidated Resources Inc., which allegedly invested ₱768.4 million in Prime Media despite reporting no revenues and sustaining losses during 2023 and 2024.
The complaint cited findings from the Anti-Money Laundering Council (AMLC), alleging that the corporate entities were deliberately organized and utilized to conceal proceeds of alleged unlawful activities.
Investigators recommended filing plunder, graft, direct and indirect bribery, and money laundering charges against Romualdez; plunder, graft, and direct bribery charges against Co; and money laundering charges against Paras.
Romualdez, through lawyer Elaine Atienza, denied wrongdoing and said he is prepared to answer the allegations before the proper forum.
“We believe that if there will be a fair fight and a fair judgment based on evidence, Rep. Romualdez will prove his side. We only ask the public to allow the process and evidence to decide the case,” Atienza said.
Neither Paras nor Co, who was reportedly outside the country, immediately stated in response to the supplemental complaint.
The Court of Appeals earlier granted the AMLC’s request to freeze Romualdez’s assets, while the Sandiganbayan has also issued a precautionary hold departure order upon the Ombudsman’s request.
ia/xf
