By the staff
The Anti-Money Laundering Council secured another freeze order against a construction firm and its affiliates as authorities widen a probe into suspected ghost flood-control projects.
The Court of Appeals’ ruling blocks 280 bank accounts, 22 insurance policies, three securities accounts and eight air assets linked to the contractor, which the AMLC identified as having the largest number of allegedly fraudulent flood-control projects. Individuals and entities tied to the company were also covered.
The court found sufficient basis to connect the assets to potential violations of the Anti-Graft and Corrupt Practices Act and malversation of public funds.
AMLC executive director Matthew David said the order reflects the government’s push to protect state resources. “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,” he said.
The case adds to the expanding list of assets immobilized as investigators examine irregularities in infrastructure spending.
So far, authorities have frozen 4,679 bank accounts, 283 insurance policies, 255 vehicles, 178 properties, 16 e-wallet accounts and three securities accounts, with a combined value of P13 billion.
Officials expect the amount to rise as the probe continues.
