By Benjamin Cuaresma
MANILA, Philippines — Prosecutors have accused former House Speaker Martin Romualdez of channeling part of an alleged P7.44-billion flood-control kickback haul into properties, corporate shares and other assets through a network of companies they described as shell corporations and financial conduits.
The allegations are contained in the plunder case filed by the Office of the Ombudsman before the Sandiganbayan against Romualdez, former lawmaker Zaldy Co, Romualdez aide Joselyn Tragua Serenio and businessman Felicito Cristobal Guevarra.
In the charge sheet filed Monday, Sept. 7, prosecutors alleged that the group set up or used shell and dummy corporations and other corporate conduits to handle part of the money that investigators said had been traced.
Among the companies identified in the filing were Golden Pheasant Holdings Corp., Braavos Holdings OPC and Valiant Consolidated Resources Inc. Prosecutors also alleged that existing companies, including Brightnews Corp. and Clearspring Holding Corp., were repurposed for the transactions.
The filing said the companies were allegedly used to acquire and hold properties, shares and other assets for Romualdez’s benefit, as well as to make donations on his behalf.
One transaction cited by prosecutors involved a property at 30 Tamarind Road in South Forbes Park, which they alleged was purchased through Golden Pheasant.
According to the charge sheet, part of the acquisition was funded through simulated dollar-to-peso transactions allegedly facilitated by Guevarra through Samchan Foreign Exchange Corp.
Another property, located at 14 Narra Avenue in Forbes Park, was allegedly acquired through Brightnews Corp. Prosecutors said the purchase was funded by Trans Middle East (Phils.) Equities Inc., which they described as closely associated with or controlled by Romualdez.
The alleged use of corporate vehicles extended to publicly traded companies.
Prosecutors said Valiant was used to acquire shares in Prime Media Holdings Inc., while Clearspring was allegedly used to acquire shares in DigiPlus Interactive Corp.
The transactions form part of the broader plunder case in which prosecutors accused Romualdez, Co and their co-accused of receiving at least P7.44 billion in commissions, percentages, kickbacks, “commitments” and other financial benefits on at least 15 occasions.
The alleged payments were linked to contractors and other individuals or entities with interests in flood-control, infrastructure and other government projects funded under the national budgets from 2022 to 2025.
Prosecutors further alleged that portions of the funds were brought to properties owned, occupied or otherwise associated with Romualdez, with Serenio and other individuals allegedly receiving the money on his behalf.
The Sandiganbayan Third Division subsequently found probable cause and issued an arrest warrant against Romualdez.
He was served the warrant Monday night while confined at Cardinal Santos Medical Center and remained under police custody.
The allegations against Romualdez remain subject to judicial proceedings.
ia/xf
