AMLC: Unaccounted P776M inflow to Duterte-linked firm may trigger probe

MANILA, Philippines — An allegedly unaccounted P776 million in funds that flowed into Cale88 Foods may serve as a starting point for a possible money laundering investigation.

This is what Anti-Money Laundering Council (AMLC) Secretariat Executive Director Ronel Buenaventura revealed on Tuesday during the impeachment trial of Vice President Sara Duterte.

The statement came after Senate President Sherwin Gatchalian questioned the P776-million inflow reflected in the AMLC’s report on Cale88 Foods Corporation.

Article continues after this advertisement

Duterte’s husband, Mans Carpio, was said to be an incorporator, stockholder, and member of the board of directors of Cale88 Foods.

FEATURED STORIES

NEWSINFO

NEWSINFO

NEWSINFO

According to Gatchalian, the amount did not appear to be reflected in the company’s available financial statements.

This is the same company which was reported to have allegedly received over P319 million from supposed China-based corporations.

“I looked at your report here and saw that P776 million came into Cale88 Foods. It had an inflow of P776 million and an outflow of P154 million,” the Senate leader observed.

“I’ve gone back to their available balance sheet several times, but I can’t find it there,” he noticed.

Article continues after this advertisement

Gatchalian pointed out that the company had only P125,000 in paid-up capital, P23 million in cumulative sales since 2021, P18 million in assets, and P20 million in liabilities.

“If the P776 million cannot be found in the books, would Cale88 be a candidate for money laundering?” he wondered.

Article continues after this advertisement

“In your expert opinion and based on your experience, that should be reflected in the books, right? If it is not reflected in the books, is that a candidate for money laundering?” he asked.

“Your Honor, we will have to investigate po,” Buenaventura answered.

“On this example… as starting point,” Gatchalian probed.

“As a starting point, it could be. It could possibly be, but I have to consider all other factors, Your Honor,” Buenaventura then explained.

Pressing further, Gatchalian wanted to know: “Can this be a candidate? For money laundering?” 

“If we’re talking about it as a candidate, yes, but we have to consider all other factors,” Buenaventura reiterated.

Gatchalian then asked what would be the next step once a transaction is considered a possible candidate for money laundering.

Buenaventura said investigators would have to determine the source of the funds, and establish whether the proceeds came from an illegal activity.

“In general, Your Honor. I cannot answer for Cale 88. In general, we have to determine what unlawful activity may have been the source of the money or the transaction involving the money,” Buenavetura told Gatchalian.

The Senate president also noted that a significant portion of Cale88’s sales reportedly came from China.

He asked whether the transactions there should also be examined to determine if they were legitimate.

The AMLC official said it could look into such transactions in the normal course of examination.

Buenaventura also earlier explained that circumstances that may raise suspicion under the law include transactions with no underlying legal or trade obligation, purpose or economic justification.

Amounts that are not commensurate with the client’s business or financial capacity can also be deemed anomalous, he said.

The AMLC official, however, declined to give a definitive opinion on whether the P776-million inflow itself constituted a suspicious transaction.

Your subscription could not be saved. Please try again.

Your subscription has been successful.

He said the nature of the business and other relevant factors would still have to be considered. /apl