Estrada can keep his millions
2008-01-30 10:19
Manila - An anti-corruption court in the Philippines has ruled it will not seize personal assets worth millions of dollars from convicted former president Joseph Estrada, a spokesperson said on Wednesday.
Estrada was sentenced to life imprisonment by a special court last year for massive corruption but subsequently pardoned and freed by his successor President Gloria Arroyo.
The ex-president was ordered to turn over to the government more than 700 million pesos ($17m) in tax kickbacks and bribes from gambling barons that he pocketed during his 30 months in office.
So far some 215 million pesos from a bank account under the name of Estrada's private foundation has been seized.
Investigations also discovered an investment management account under a name believed to be an Estrada alias. The account contains over one billion pesos in shares and pledges.
Estrada has repeatedly denied he owned the funds, subsequently waiving his right to the investment management account. His business associates are claiming the funds as theirs.
"The court order said the sheriff cannot proceed against the personal property of the former president which cannot be directly linked to his ill-gotten wealth," court spokesperson Renato Bocar told AFP.
"There is no more need to go after the property of president Estrada," he said.
A former movie action star, Estrada triumphed in 1998 polls with the biggest margin in electoral history. He was later forced out of office by a military-backed popular uprising due to massive corruption.
He was detained for the duration of his six-year trial that ended in his conviction last year but is now a free man trying to stage a political comeback.