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    The Philippine national Bank submitted suspicious transaction reports to the AMLC concerning the accounts of LIVECOR, MOLUGAN, and AGS. The reports found that LIVECOR transferred 172.6 million pesos to MOLUGAN over 15 months, and transferred 40 million pesos to AGS, plus another 38 million pesos from MOLUGAN that was bought back on the same day. These transactions were deemed suspicious as there was no legal purpose or economic justification, and the amounts far exceeded the capitalization of the three entities. Subsequently, the AMLC filed petitions to inquire into the accounts of these entities and others, which were approved by the courts.

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    CASE-3

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    The Philippine national Bank submitted suspicious transaction reports to the AMLC concerning the accounts of LIVECOR, MOLUGAN, and AGS. The reports found that LIVECOR transferred 172.6 million pesos to MOLUGAN over 15 months, and transferred 40 million pesos to AGS, plus another 38 million pesos from MOLUGAN that was bought back on the same day. These transactions were deemed suspicious as there was no legal purpose or economic justification, and the amounts far exceeded the capitalization of the three entities. Subsequently, the AMLC filed petitions to inquire into the accounts of these entities and others, which were approved by the courts.

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    13 views2 pages

    Case 3

    Uploaded by

    seventh account
    The Philippine national Bank submitted suspicious transaction reports to the AMLC concerning the accounts of LIVECOR, MOLUGAN, and AGS. The reports found that LIVECOR transferred 172.6 million pesos to MOLUGAN over 15 months, and transferred 40 million pesos to AGS, plus another 38 million pesos from MOLUGAN that was bought back on the same day. These transactions were deemed suspicious as there was no legal purpose or economic justification, and the amounts far exceeded the capitalization of the three entities. Subsequently, the AMLC filed petitions to inquire into the accounts of these entities and others, which were approved by the courts.

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    © All Rights Reserved
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    of 2

    FACTS

    Yung Philippine national Bank nag submit sa AMLC ng mga suspicious transaction reports
    concerning the accounts ng LIVECOR, MOLUGAN, and AGS.

    According daw po sa report, si LIVECOR nag transfer ng 172.6 million kay molugan in 15 months
    and si livecor nag transfer ng 40 million kay AGS, plus 38 miliion galling sa MOLUGAN pero
    binilik ulit yung 38 million kay mollugan on the same daw.

    Suspicious daw yung mga transaction nayon dahil walang underlying legal or trade obligation,
    purpose or economic justification and hindi commensurate sa mga business or financial capacity
    nung tatlo dahil mababa lang daw yung capitalization nila.

    Then yung senate nagbigay ng committee report na naglalaman na yung undersecretary ng


    agriculte na si bolante is nag request sya ng budget na 728 millio para sa fertilizers and based sa
    COA overpricing daw po yun and waste of scarce sa resource ng government.

    And at the time na undersecretary si bolante, nag a-act din sya as chairman ng LIVECOR.

    Dahil dun nag file yung AMLC ng petition for issuance ng order para mag inquire sa accounts
    ng LIVECOR, MOLUGAN, AGS, Bomebeo at PANGANIBAN and innallow naman ng court yun.

    Nalaman din na may 70 bank accounts ang part nung fertilizer fund scam therefor nag file ng
    petition for issuant ng order para mag inquire dun sa 70 accounts..

    Nag file din ng issuance ng freeze order dun sa 70 accounts, and yung court of appeals nag
    aaprove ng freeze order for 20 days then na extend ng 30 days after summary hearing. And
    naextend ulit for 4 months after finding na may probable cause na yung mga funds na tinransfer
    nung tatlo is connected dun sa 728 million na fund for fertilizer pero hindi laaht ng 70 accounts
    ang naka freeze.

    In the meantime nag file ulit yung republic ng exparte application para inquiry ng 70 accounts
    and yung RTC is innollaw din and nag order na iinquire yung 70 bank deposits.

    Nag file ulit yung republic ng exparte petition para sa freeze order ng 24 accounts and
    naaprove ulit ng CA for 20 days
    a bank inquiry order cannot be issued unless notice is given to the account holders.26 That
    notice would allow them the opportunity to contest the issuance of the order.

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