Former Philippines Chief Justice pockets $28.7 million over 8 years

Wow, prosecutors in the trial of Renato C. Corona, former Chief Justice of the Philippine Supreme Court, have presented evidence indicating that $28.7 million was deposited into 82 accounts maintained by Corona while he was on the court (he become Chief Justice in 2010).  Incredible.  Here’s the New York Times:

Prosecutors in the impeachment trial of Renato C. Corona, the chief justice of the Philippines, presented evidence on Monday that he had deposited $28.7 million into various bank accounts.

According to financial documents presented by the prosecution, Mr. Corona maintains 82 dollar-denominated accounts in five banks in the Philippines.

From April 2003 to December 2011, incoming transactions in the chief justice’s accounts, including deposits and bank transfers, totaled $28,740,497.93, the documents showed. This was when Mr. Corona was earning less than $935 per month as a Supreme Court justice.

I find it very odd that The Philippines has very strict privacy laws relating to bank accounts in foreign currencies.  What’s the rationale for that?

Prosecutors rested their case on Feb. 28, but were unable to access Mr. Corona’s dollar accounts because of strict Philippine secrecy laws regarding bank deposits in foreign currencies.

The account information was permitted to be entered as evidence on Monday because of a provision in the secrecy laws that grants the Anti-Money Laundering Council, a semiautonomous Philippine government agency, access to bank records related to suspicious accounts.

Renato C. Corana was former President Arroyo’s chief of staff before he was appointed to the Supreme Court in 2002.

Certainly the National Police Chief does well for himself, but I wonder if the Indonesian Chief Justice commands anywhere near this amount?

Link to the article: Prosecutors Say Philippine Chief Justice Had $28 Million.

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One thought on “Former Philippines Chief Justice pockets $28.7 million over 8 years

  1. […] post on the Philippine Chief Justice who was removed from office on May 29, 2012.  As I noted here, he was impeached for not declaring $2.8 million held in foreign currency.  Note that the amount […]

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