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Home |   About Us |   Contact Us |   Members |   Search |   Subscribe |   Disclaimer |   THE GUARDIAN CONSCIENCE, NURTURED BY TRUTH LAGOS, NIGERIA.     Wednesday, July 14 2004   news   editorial/opinion   policy & politics   focus/record   business   sports   capital market   metro   money watch   energy   maritime   Guardian Chat Click to join the chatroom Philippines' court clears Estrada over bank account ERSTWHILE Philippine's President Joseph Estrada was on Monday cleared by an anti-graft court of a charge that he opened a bank account in a different name. The case was one of three filed by state prosecutors against the former actor, who has been in detention. Estrada was removed from power under hale of anti-corruption protests in 2001. He was replaced as President by Gloria Macapaqal Arroyo. The other charges are plunder, which carries a penalty of life in prison or death, and perjury. The court said on Monday that Estrada could not be held liable for illegally opening a bank account under a different name in February 2000 because this was allowed under the country's bank secrecy law at that time. It was only when the Anti-Money Laundering law took effect in October 2001 that anonymous accounts of those under fictitious names became illegal, the court said in a 19-page resolution dated July 9. A copy of the resolution was released on Monday. An executive of Equitable-PCI Bank testified that Estrada opened an account using the name Jose Velarde, which prosecutors said he used to funnel 3.2 billion pesos ($57.3 million) in kickbacks from gambling lords during his two-and-a-half years in office. State prosecutor Dennis Village Ignacio said he planned to ask the court to reconsider its decision. Estrada is being held at a military camp near Manila. He remains a rallying figure for the opposition which lost May 10 elections to Arroyo, and many analysts expect the president to pardon him if he is found guilty in a bid to heal fostering political wounds from the 2001 uprising. Estrada's trial has been delayed by his objection to the trial. � 2003 - 2004 @ Guardian Newspapers Limited (All Rights Reserved).  Powered by dnetsystems.net dnet�

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