Cale88, banana chips firm, has no inventory despite 100M+ cash flows - analyst
A forensic financial analyst testified that Cale88 Foods Corp., a company linked to the husband of Philippine Vice President Sara Duterte, showed suspicious financial activity. Despite moving millions of pesos, the company reported no inventory or payables, leading to concerns about potential money laundering.
Why it matters
The findings have escalated into a potential national security issue, with President Marcos Jr. suggesting that foreign funding of high-level officials requires investigation.
MANILA, Philippines - A banana chip exporter linked to Vice President Sara Duterte's husband reported that it had no raw materials in stock and owed no money to buyers, even as large sums moved in and out of its accounts, the prosecution's financial expert witness told the Senate impeachment court on Monday.
Lawyer Alexander Cabrera, the forensic financial analyst presented as the House prosecution's last witness for its evidence-in-chief, flagged Cale88 Foods Corp. for being a "revolving door," when Sen. Raffy Tulfo asked whether he had examined the company's payables and receivables.
"Pagpasok po ng pera, lumalabas po," Cabrera said on Day 38 of Duterte's trial. (When the money comes in, it goes out.)
Manases Carpio held a 47.5% stake in Cale88 from 2021 to 2024, according to the company's general information sheet.
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