MANILA: The Philippines has frozen the assets of two lawmakers allegedly tied to a widening graft scandal, President Ferdinand Marcos Jr (pic) said, adding to thousands of bank accounts and hundreds of other assets already immobilised as the state moves to recover public money.
Marcos, in a video posted on his Facebook account on Tuesday (Dec 9), said the freeze order issued by the Court of Appeals covers the assets of Congressman Eric Yap and his brother Edvic Yap, also a lawmaker, as well as two contractors.
Eric Yap and Edvic Yap didn’t immediately respond to requests for comment. Eric Yap has earlier denied any involvement in alleged kickbacks on the government’s flood mitigation projects. Among the latest assets frozen were 280 bank accounts, 22 insurance policies, three securities accounts and eight aircraft.
"We need these freeze orders so that these assets can’t be sold and that every peso that’s allegedly stolen can be returned to the public,” Marcos said. He didn’t give details on the assets.
The Philippines has been freezing assets of individuals and companies linked to a months-long graft scandal in projects meant to manage flooding in one of the world’s most typhoon-hit countries.
So far, the government has frozen 13 billion pesos (US$220 million) worth of assets including 4,679 bank accounts, 283 insurance policies, 255 motor vehicles, 178 real estate properties, 16 e-wallet accounts, and three securities accounts.- Bloomberg
