Laundering unproven in alcohol business

Tag : rubbing alcohol


The principals of Green Cross Inc., rubbing alcohol maker, havebeen given a clean bill of health as far as money laundering isconcerned.
In a letter to the Department of Justice, the Anti-Money LaunderingCouncil indicated no infraction under Republic Act 9160, thegoverning law.
After due investigation and analysis of all the records anddocuments presented as well as matching transactions available from[its] database, the AMLC did not find any violation of the AMLA onthe part of any and all the respondents, noted AMLC executivedirector Vicente Aquino in a letter dated June 12 to Chief StateProsecutor Jovencito Zuo.
The announcement came at the heels of three previous casedismissals of estafa charges filed by the firms former presidentGonzalo Co It before the Pasay and Manila courts.
The AMLC finds no reason to conduct further investigation... on allof the aforementioned respondents as well as on Green Cross Inc.and Common Goal Real Properties Inc.
The council AMLC is composed of the governor of the Bangko Sentralng Pilipinas as chairman, and the commissioner of the InsuranceCommission and the chairman of the Securities and ExchangeCommission as members.
Green Cross president Anthony Co welcomed the announcement.
We learned of it from our lawyer, Atty. Estelito Mendoza, just theother day. Our families are very, very happy with this, he said.
Mendoza said the court dismissals only prove that the charges arejust plain harassment suits filed against his clients.
Among the documents presented by the prosecution were an absolutedeed of sale and stock capitalization increase papers signed by CoIt which were used as evidence in the court proceedings. Gigi MuozDavid and Ferdinand Fabella Back to top