Corona's P11M: Another dud?
RELEVANCE?
The prosecution panel in the impeachment trial of Chief Justice Renato Corona yesterday placed on the witness stand an official of the Securities and Exchange Commission.
Benito Cataran, director of the SEC Company Registration and Monitoring Department, was asked by the prosecution about an P11-million loan that Corona took in 2003 from a company owned by the family of his wife Cristina.
The point, according to the prosecution, is to prove its allegation that the loan secured by Corona from the Basa-Guidote Enterprises Inc. (BGEI), and which Corona purportedly used to pay for some realty assets he acquired, was of "fictitious character."
The prosecution also tried to show that Corona could not have acquired the loan because the company had already been dissolved.
Numerous questions were raised as to the difference between a revoked or dissolved company as far as operations are concerned, and what the P11 million really was as it was alternately called by the prosecution as loan and "cash advance."
The P11-million loan acquired in 2003 was reflected as a liability in the statements of assets, liabilities and net worth (SALNs) Corona declared from 2004 to 2009.
Senator-judges asked the prosecution what the relevance of Cataran’s testimony was to Article II of the eight Articles of Impeachment, which accuses Corona of failure to make public his SALNs and to declare all his assets in the SALNs.
"What isn’t truthful if the corporation or body lent money that is reflected in the SALN? You have not established the connection of what you are saying to this proceeding," presiding officer Senate President Juan Ponce Enrile asked prosecutor Rep. Reynaldo Umali during Cataran’s direct examination.
REVOKED/DISSOLVED
Cataran said the certificate of registration of BGEI was revoked in 2003 and it has thus been dissolved as a company.
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Lapid's first question was, “Ano ang pagkakaiba ng cash advance, sa loan, sa utang (What is the difference between a cash advance, a loan and a debt)?” Lapid, a high-school graduate, said the question was addressed to the prosecutor.
Numerous questions were raised as to the difference between a revoked or dissolved company as far as operations are concerned, and what the P11 million really was as it was alternately called by the prosecution as loan and "cash advance.
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MANILA, Philippines - Chief Justice Renato Corona's P11-million cash advance in 2003, which he supposedly used to pay for some of his condominium acquisitions, came from his wife's family corporation that had "ceased to operate legally by 2007,"
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