Quedancor has P1.4 billion in unliquidated fund; exec 'gone' ?

[giddyboy]

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Quedancor has P1.4 billion in unliquidated fund; exec 'gone'
04/02/2008 | 11:49 PM

MANILA, Philippines - Officials from Quedancor (Quedan and Rural Credit Corp.), a government-owned and –controlled corporation (GOCC) that guarantees credit for farmers and hog-raisers, on Wednesday admitted irregularities in their multi-billion peso swine program as its president is nowhere to be found.

In Q-TV’s News on Q, reporter Maki Pulido reported that this was after the Commission on Audit discovered that P1.4 billion of the P2.5-billion fund that the company released for the swine industry remains unliquidated as of present.

“We don’t know if this amounted to only 50 million, or 100 million. At the end of the day, we’ll know," said Agriculture undersecretary Bernie Fontevilla on the alleged irregularities.

CoA also reported that four companies – Iloilo Feeds Corp., Nueva Foods Corp., BIRKS Agri-Livestock and ACL Corp. – have cornered the Quedancor deal even if they don’t have enough capital.

News on Q also reported that these irregularities are the basis for the graft cases filed against Quedancor’s former president Nelson Buenaflor, who is currently on leave and is nowhere to be found.

The CoA report also revealed that some of the companies have the same investors and officials.

For example, it noted that one Mary Ann O Ng was listed as treasurer of Iloilo Feeds but was found out to be also the major stockbroker of Nueva Food Corps, where she is designated president and chief executive officer. One Vicente Cualoping, meanwhile, was a member of the board of directors of BIRKS and ACL Corp.

Despite these irregularities, Fontevilla also said it is “not correct" to compare the swine program scam to the fertilizer scam...

Lawyer Harry Roque, meanwhile, noted that the swine program was implemented after Quedancor was transferred under the Office of the President from the Department of Agriculture. He said Malacañang has a lot of explaining to do.

“Hindi puwedeng hindi alam ng presidente kung ano nangyayari sa Quedancor dahil siya mismo ang nagpatakbo nito (It is impossible for the president to have no knowledge at the operations of Quedancor because she’s the one who was running it)," Roque said. - GMANews.TV

[denzkie]

hahahaha.... am won't surprised if PGMA involved in this issue! walang patawad lahat ng gov't. owned n cotrolled company my anomalya, parang inu ubos ata pera ng mamayan ahh??

[giddyboy]

take note: the amt involved is larger than the Fertilizer scam...

[cebu-future]

wow great. we are a third world country pero daghan kwarta nga gipang kawat oi.

[Rance]

bring them to the court but ay lang sa senate kay mag yang2x na sad nas silas ilang oras..wa na sad nay evidence.. basin si JLO actor na sad na ana pastilan lisud na biya kaayo ang kahimtang karon.. I'm interested to know more kinsa nis Roque hmphm

[bukikong]

obvious

[Rance]

Who finance the trip of Harry Roque and other UP Lawyers to Block Bolante's Case and to attend the court hearings of Michael Ray Aquino? did I hear "L" "A" "C" ....

Is it shouldered by and FUNDS from the UNIVERSITY of the PHILIPPINES? read the old news but this is might be one of the reasons.. and who are the people in the background..

Lawyer Harry Roque flew to Los Angeles on Saturday night to attend the court hearing set for July 31 on Bolante’s application for political asylum, according to House Deputy Minority Leader Alan Peter Cayetano.

Well-rounded perspective

Cayetano said Roque and his group from the UP Law Center would try to give the US judge a well-rounded perspective of what was happening in the Philippines.

“They don’t know at this point how they can formally intervene in the asylum proceedings. But initially, they can make themselves available as resource persons,” Cayetano said.

Roque, one of the private lawyers who crafted the latest impeachment complaint against President Gloria Macapagal-Arroyo, will try to find out if the court would like them to formally testify as resource persons in an open hearing.

The irony of it

“They will tell the judge that Bolante is fleeing prosecution (by the Ombudsman’s Office) for corruption and from a legitimate congressional inquiry,” said Cayetano. “What Harry will point out is how ironic it is that the US has given us a P1-billion fund to fight corruption, and then a very big fish involved in a multimillion-peso scam [ran] to the US to hide from criminal prosecution.”

In short, they would show that Bolante’s plea for asylum was a “sham,” said Cayetano. <- shawie kaayog style ma imagine nako ang simod niya igat kaayo everytime naa siyas TV lol

The lawyers, however, could drop their objection if Bolante would be willing to tell all regarding his role in the P728-million fertilizer fund scam.

“I’m sure that the Senate or the House would be willing to ask him questions anywhere that he’s safe. Even in the US” through a deposition, said Cayetano. “Then we will know if using the NPA threat was an excuse, or he really refuses to answer for the fertilizer scam.”

Target for liquidation

Cayetano said that Roque would try to secure a deposition from Bolante on the fertilizer funds controversy.

In his asylum application, Bolante claimed that he was a target for liquidation by the New People’s Army, the armed wing of the Communist Party of the Philippines. But many viewed this as a legal maneuver to avoid having to return to the country to face the Senate inquiry into the fund scam.

Bolante was held by US immigration authorities after he entered the US on a cancelled visa. He has since been held in detention.

Indispensable

Roque will also attend the court hearings of Michael Ray Aquino who pleaded guilty in New Jersey last Monday to charges of unauthorized possession of US intelligence reports.

Cayetano told the Inquirer that the opposition could not just give up on Bolante since he was indispensable to the opposition’s attempt to link Ms Arroyo to the alleged misuse of the funds in the 2004 elections just to ensure her victory.

Missing link

“He is the key that can unlock the mystery surrounding the fertilizer fund. He can possibly be the missing link between the missing funds and the President,” Cayetano said. <what the F this guy knows what's going on?

The opposition stalwart said it had been established by the Senate that the fertilizer fund had been converted to cash.

“The paper trail led to him (Bolante), so he’s a significant missing link which could directly implicate the President or whoever ran her campaign,” said the lawmaker.

Just as in the case of former Election Commissioner Virgilio Garcillano, who was caught on tape talking to Ms Arroyo at the height of the canvassing of votes in 2004, the opposition “just wanted to hear his (Bolante’s) side, but instead of explaining he ran away,” Cayetano said.

[abuot]

wow..basta kwarta gani,dali kaayo mawagtang..basta problema,forever na di mawagtang

[denzkie]

bring them to the court but ay lang sa senate kay mag yang2x na sad nas silas ilang oras..wa na sad nay evidence.. basin si JLO actor na sad na ana pastilan lisud na biya kaayo ang kahimtang karon.. I'm interested to know more kinsa nis Roque hmphm

brod, kabalo ba ka unsa responsibilities sa senate? or imo nahibaw-an ang pag sayang2x sa oras nga gigahin nila sa pag imbestigar sa mga issue?

[Rance]

Legislative division of this government.. what's your point?