From 'Braavos' to Forbes Park: Prosecutors trace alleged Romualdez-linked assets
Philippine prosecutors have filed a plunder case against former House Speaker Martin Romualdez, alleging he used shell companies to launder P7.44 billion in flood-control kickbacks. The assets allegedly include luxury properties and corporate shares.
Why it matters
This case represents a significant corruption investigation involving high-level political figures, impacting public trust and government accountability in the Philippines.
MANILA, Philippines - Prosecutors accused former House speaker Martin Romualdez of using part of the alleged P7.44-billion flood-control kickback haul to set up or use shell companies and corporate conduits to acquire properties, shares and other assets.
The allegation forms part of the plunder case filed by the Office of the Ombudsman against Romualdez, former lawmaker Zaldy Co, Romualdez aide Joselyn Tragua Serenio and businessman Felicito Cristobal Guevarra.
In the case filed before the anti-graft court Monday, September 7, prosecutors accused the group of "setting up and/or using shell or dummy corporations and conduits" using part of the P7.44 billion that investigators said had been traced and uncovered.
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