PHNO-HL: CORONA: WE INVESTED IN FOREIGN EXCHANGE / THE BASA's: FAMILY FEUD

CORONA: WE INVESTED IN FOREIGN
EXCHANGE / THE BASA's: FAMILY FEUD
[PHOTO -
PROFILE OF EMBATTLED SC CHIEF. Chief Justice Renato Corona faces
the Senate, acting as an impeachment court, to deny allegations over his alleged
misdeclaration of his statement of assets and liabilities (SALN). TETCH TORRES/INQUIRER.net]
MANILA, MAY 24, 2012 (INQUIRER) By Maila Ager
- Chief Justice Renato Corona revealed on Tuesday that his family
invested their resources in "foreign exchange" in an apparent attempt to explain
the multi-million dollar bank deposits that he allegedly owned.
"During several [trials] ago, witnesses came forward to reveal about for
example, the Basa-Guidote Enterprise Inc (BGEI)," Corona said in his opening
statement in the Senate acting as an impeachment court.
BGEI was owned by the family of Corona's wife, Cristina.
"Because of the influence of the family of my wife, we did not invest in
property but invested our resources in foreign exchange," Corona said.
Corona then revealed how a P2.5 billion property in Libis in Quezon City went
to Jose Basa III as its sole owner when it was originally named under Jose Basa
III and the Chief Justice's mother-in-law, Asuncion Basa-Roco.
The family of his wife, Corona said, and not the Basas were the real victims
contrary to what was projected in the media.
Earlier, Corona declared that his "conscience is clear" and claimed he was a
victim of a vicious black propaganda instigated by a vindictive administration
led by President Benigno Aquino III, whom he called a "landlord president."
Corona finally took the witness stand and faced the impeachment trial at the
Senate, repeating thrice that his conscience is clear.
"…I committed no wrongdoing," a defiant chief justice also told the 23
senator-judges minutes after he was welcomed by Senate President Juan Ponce
Enrile.
The country's top judge testified at his impeachment trial Tuesday in a
last-ditch bid to save his job, with Aquino saying his ouster is key to an
anti-corruption drive.
Corona is accused of protecting graft-tainted former president Gloria Arroyo
from prosecution, and of allegedly amassing a personal fortune above the limits
of his salary.
But at the trial, Corona denied all the accusations. "We lead a modest
life…in fact we have no servants at home. No flashy cars. We eat simple meals,"
Corona said.
"What have I done wrong to the country? I can't recall committing any
wrongdoing and that's the reason I'm facing this court. I'm very sure I have not
stolen anything from the government," he said.
As expected, the Chief Justice blamed the impeachment case against him to
President Benigno Aquino III, whom he described as "Hacienderong Pangulo."
"Meron ba silang katiwalian na binintang sa akin sa kabila ng pagkakalkal ng
huwad na mga ebidensya? Wala naman pong binibintang sa akin na katiwalian," he
lamented.
All he saw in the trial, he said, was hatred and vindictiveness of the
President.
Corona cited three reasons why he was facing this impeachment proceeding in
the Senate—Aquino's retaliation after the Supreme Court ruled against Hacienda
Luisita, owned by the family of the President's mother and the late President
Corazon Aquino; the President's alleged desire to control all three branches of
government– legislative, executive and the judiciary; and an alleged attempt by
the left to take over the country.
Corona particularly named Aquino's presidential adviser, Ronald Llamas, who
used to be part of the party-list group Akbayan.
Senate President Juan Ponce-Enrile, who presides over the trial, interrupted
Corona several times and requested to go directly to his point.
"Kami po ay naghihintay sa inyong pakay…" Enrile said but still allowed
Corona to proceed.
Prosecutors, led by members of the House of Representatives, expect to finish
quizzing Corona by Thursday, after which the 23 senators sitting as judges will
adjourn before delivering a verdict.
Enrile has said he wants a decision no later than June 7.
Though by no means the only target, Aquino has said driving Corona from
office would be a crucial step in ridding the Philippines of corruption.
Corona: No 82 dollar accounts, only 4 By TJ
Burgonio Philippine Daily Inquirer 2:06 am | Wednesday, May 23rd, 2012
In a PowerPoint presentation, based on the analysis by a team of
accountants of earlier computer graphic slides shown to the Senate tribunal by
Ombudsman Conchita Carpio Morales, Chief Justice Renato Corona on Tuesday
disputed claims he had amassed $10 million to $12 million in bank accounts.
Corona told the Senate impeachment tribunal that many of the 82 bank accounts
Morales mentioned in her own PowerPoint presentation last week had been closed
or transferred to other accounts.
He said there were only four dollar accounts by December 2011 and summarized
the accountants' analysis this way:

BPI-Acropolis branch, all seven accounts were closed in 2004 and
2005, and transferred to BPI-Tandang Sora and PSBank-Cainta
BPI-Tandang Sora, all 18 accounts were closed from 2004 to 2007, and
transferred to BPI-San Francisco Del Monte, and PSBank-Cainta.
BPI-San Francisco Del Monte, all 34 accounts were closed from 2007 to
December 2011.
BPI-Investment Management Inc. account was sourced from the BPI-San
Francisco Del Monte "main account" and was closed on Dec. 19, 2011, and the
funds were transferred to the "main account."
The PSBank-Cainta account was closed between August and October 2008, and
the funds were transferred to PSBank-Katipunan.
"For Allied Bank, these placements include Citibank and two Deutschbank
accounts. The alleged AMLC (Anti-Money Laundering Council) records showed that
most of the Allied Bank accounts were closed and the funds thereof transferred
to the main account and this main account was closed in December 2011," he said.

In the end, as of December only four dollar accounts were left in
BPI-San Francisco Del Monte, Allied Bank, and PSBank-Katipunan.
"That's all that's left of the big pie of Morales," Corona said. "I have a
question for the Ombudsman. Mrs. Ombudsman, does your conscience allow you to
sleep, if you have one? You know I don't have $10-$12 million accounts. Why are
you spreading this in public?"
Private prosecutor Mario Bautista objected to these "personal aspersions" on
individuals, but Senate President Juan Ponce Enrile allowed Corona to continue,
saying he "knows the law and the rules of evidence."
Corona said he and his wife had been converting their income into dollars in
the late 1960s when the exchange rate was P2-$1. He said he started working in
1968.
"I had a good paying job, especially when I became a lawyer. All our savings
were converted into dollars. Why in US dollars? You won't suffer any loss in US
dollars. It's very stable if compared to Philippine peso," he said, pointing the
rate has risen seven times since then. "Since we did not touch the interest, our
investments grew."
These funds, he stressed, have a "long history."
"I repeat, honorable judges, I do not have $10-$12 million as alleged by
Ombudsman Morales. I also don't own 82 accounts. All that we have came from
clean and honest work, and sheer hard work. I did not steal anything from the
government; not a single cent," he said, turning to look at the panel of
prosecutors. He said he religiously paid his taxes.
"Am I hiding something? I'm looking straight in your eyes, I did not hide
something. If I hid something, I would not have declared the money under my
name," he said.
Corona admitted he had owned three peso deposits which he said he did not
declare these because these were "co-mingled" funds, consisting of the
P34.7-million sale of the property of the Basa-Guidote Enterprises Inc. (BGEI)
in Manila in 2001, as well as the savings of the Corona couple and children.

He said his mother also entrusted to him her peso account when she was
diagnosed with colon cancer in 1990, but did not mention the amount. He turned
teary-eyed when narrating that a part of the fund was allotted for his mother's
funeral expenses, as well as the medication of an elder brother.
Their children Carla Corona-Castillo, Francis and Charina also contributed to
the funds.
Other side of BGEI feud: 'Basas oppressed us' By
Christian V. Esguerra, Michael Lim Ubac Philippine Daily Inquirer 1:48 am |
Wednesday, May 23rd, 2012

[PHOTO - FAMILY FEUD The Basa family— Carmen, Ana, Isabel, Francesca
and Eric— occupy the VIP seats in the gallery. They were a few seats away from
the Corona family. RICHARD A. REYES]
Chief Justice Renato Corona spoke of his family's preference to keep its
financial assets and invest them in "foreign exchange" when he finally took the
witness stand at his impeachment trial.
But in justifying this option before senator-judges and the public at large,
the Chief Justice ended up shoveling up the dirt that had been lingering in the
family of his wife Cristina for years on national television.
Corona said the experience of the Basa family, chronicled in a series of
Philippine Daily Inquirer reports side by side with the impeachment proceedings,
presented a key lesson not to invest in properties, which would later be the
subject of inheritance dispute.
"It's sad that I have to tell the story before the public but perhaps, it's
about time for the people to know what really happened in this family, why the
conflict is so grave, the problem so deep," he said in Filipino as part of a
lengthy opening statement that ended up as his testimony.
"The problem with their family is they're very rich, but their assets were
tied up to properties," he added, noting that inheritance usually caused
jealousy and infighting among children.
5 Basas
Five members of the Basa family—cousins of Cristina Corona—flew all the way
from the United States and Canada to attend the Chief Justice's historic
appearance at the trial.
The Basas tried to find seats at the session hall's gallery reserved for the
public, but were quickly ushered into the VIP gallery by members of the Senate
protocol. Carmen, Ana, Isabel, Francesca and Eric listened as Corona was telling
his version of the Basa story.
Basa-Guidote Enterprises Inc. (BGEI), a corporation owned by Cristina's
family, was repeatedly mentioned at the impeachment trial, partly in connection
with the sale of its Sampaloc property to the Manila city government for P34.7
million in 2001.
In previous hearings, the defense used the amount to justify the presence of
peso deposits under the name of the Corona couple, but which were not declared
in his statements of assets, liabilities and net worth (SALNs).
In one SALN though, Corona declared a cash advance from BGEI, which was used
to purchase a property. The amount was eventually paid as reflected in a
subsequent SALN.
More recently, the Coronas came under scrutiny after the impeachment court
was told during a testimony how their daughter Carla became the majority owner
of BGEI.
At fault
In 2002, Carla Corona-Castillo purchased at an auction BGEI shares owned by
Cristina's late uncle Jose Maria Basa III and his wife Raymunda for only
P28,000. The court had ordered the auction to satisfy the P500,000 in damages
awarded to Cristina after she won a libel case against the Basas.
But contrary to what he said was a negative picture allegedly painted in
media reports about his wife, Corona said Jose Basa was the one at fault.
"Jose Maria Basa was not the one oppressed. He was the one who oppressed my
mother-in-law and the family of my mother-in-law," the Chief Justice said in
Filipino. "We were insulted nonstop in one newspaper on why my wife was
allegedly so greedy, cunning, shameless, and with many different adjectives used
against her—no, they're not true."
With Basa's children watching from the gallery, Corona said the family feud
began long ago when Jose managed to claim sole ownership of a 2-hectare property
in Libis, Quezon City, leaving out sister Asuncion Basa-Roco, Cristina's mother.

Corona said the property was now valued "conservatively" at P2.5 billion.

"Before, the title of the Basa compound was under the name of Jose Maria Basa
III and my mother-in-law Asuncion Basa-Roco," he told the court. "We couldn't
tell and no one could say how he managed to have a title issued to the Basa
compound [in Libis] with my mother-in-law's name no longer on it."
Corona said the purported trickery triggered a "bitter feud" within the
family, which explains the pending court cases between warring relatives. "My
mother-in-law's share just went missing," he said.
'Spoiled brat, jobless'
Corona went on to profusely apologize for having to discuss the character of
the late Jose Basa.
"Mr. Basa—I'm sorry to say this and again, I'm sorry and I really apologize I
have to say it now, but perhaps the people need to finally know now—he didn't
have any job," he said, visibly unsettling the Basa children in the audience.

"All his life, he was a spoiled brat, a rich kid. When he needed anything, he
would run to mama, to Lola Charing. If the old woman had no money to give, he
would sell properties left and right," he added, noting that Jose had nine
children who were all studying even if he was jobless.
By this time, Ana Basa was seen wiping away tears.
The lone property left to Asuncion Basa-Roco was a property in Sampaloc,
Manila, which was eventually purchased by the local government to accommodate
vendors from a previous public market, said Corona.
"Mr. Basa wanted to sell even that property," the Chief Justice said. "But my
mother-in-law said, 'Enough is enough. You already got my share in Libis, but I
kept quiet. You already got so many properties from mama and I said nothing. But
you still want to get this one remaining property so you could sell it?'"
Daughter's statement
Corona also sought to set the record straight on how Carla managed to
purchase BGEI shares for only P28,000 during an auction where she was the lone
bidder. Saying he had no personal knowledge of the purchase, he read a written
statement prepared by his daughter.
In the statement, Carla said she had been willing to make a maximum bid of
only P50,000 considering the "risk of buying into a very messy corporation." She
acknowledged that BGEI had just sold a property for P34.7 million, but said "the
ownership of the shares is being disputed and is still under litigation."
Carla said Jose Basa was claiming ownership of 4,860 shares, apparently
because "he claimed to have bought and paid off the shares of other
stockholders, namely Mario Basa, the late Sister Concepcion, and Sister Flory
Basa."
Only 220 shares
In reality, the daughter said the shares up for purchase were only 220 shares
representing the combined shares of Jose Basa and his wife. At P100 per share,
they were worth P22,000.
"I cannot stress enough that there was a great risk in acquiring them, so I
cannot say I didn't pay enough. No one else wanted to sink in their money in an
uncertain corporation with so much infighting among the heirs," Carla said in
the letter.
The daughter said the Basa couple could have redeemed the shares within a
year, given the low bid price.
"They would only have to pay me back my bid price of P28,000. Thereafter,
they could regain ownership of the shares, but they did not," Corona said,
quoting his daughter.
While the Chief Justice was accusing Jose's family of fleeing to "escape
accountability" for "destroying Mommy's reputation" (referring to the mother of
Cristina), the Basas, who were seated just behind the witness stand, were
smirking, shaking their heads in disbelief.
On several occasions, they were seen stealing glances at Cristina, Carla and
Supreme Court Administrator Jose Midas Marquez, who all accompanied the Chief
Justice to the trial. The Basas and Coronas were a few seats away from each
other.
Sobbing
After the trial was adjourned, Carmen issued brief remarks to the media.
"We're very saddened with the development that the name of our good father is
being dragged into these proceedings," she said, sobbing.
"He's (Jose) not here to defend himself. What he said was cruel, untrue … and
shows his true character. As Chief Justice, he should know better.
"At this point, we're not going to go down to his level, and we're not going
to justify his false statements," Carmen said.
The Basa sisters refused to take questions from reporters. "We'll make more
statements after we hear what happens tomorrow," Carmen said.



Chief News Editor: Sol
Jose Vanzi

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