The Manila Times
(UPDATE) THE Court of Appeals has ordered a 20-day freeze on a P1.665-billion Forbes Park estate and dozens of bank accounts connected to former House speaker Martin Romualdez and businessman Jose Raulito Enoy Paras, as authorities pursue a widening investigation into alleged corruption involving public infrastructure funds. In a resolution dated April 22, the appellate court said there was sufficient basis to believe the assets may be linked to unlawful activity, including potential violations of Republic Act 9160, or the Anti-Money Laundering Act. The freeze order prevents any movement, transfer, or withdrawal of the identified properties and funds while proceedings continue. The order covers a 3,196-square-meter residential property on Tamarind Road in South Forbes Park, Makati, which was purchased in 2023 by Golden Pheasant Holdings Corp., a company wholly owned by Paras. The estate was previously owned by shipping executive Doris Magsaysay-Ho. Also included are 35 bank accounts reportedly associated with Romualdez, some jointly held with family members, as well as 38 accounts linked to Paras. The businessman is also connected to corporate holdings that include cash deposits and seven condominium units in Bonifacio Global City. The Court of Appeals directed that a summary hearing be conducted within 20 days to determine whether the freeze order should be extended or lifted. The petition originated from the Anti-Money Laundering Council (AMLC) following a complaint filed by the Office of the Ombudsman. The complaint alleges plunder, graft, and bribery tied to a supposed P56-billion kickback scheme involving flood control projects. The freeze application cited testimonies from Senate Blue Ribbon Committee hearings, where witnesses claimed that cash-filled suitcases were delivered to residences allegedly linked to Romualdez and former lawmaker Zaldy Co, who has been in hiding in several European countries. Other statements pointed to alleged intermediaries who facilitated the movement of funds connected to public works contracts. In a press briefing on April 21, Ombudsman Jesus Crispin Remulla said the Office of the Ombudsman endorsed a complaint to the AMLC and that his office was waiting for the council to seek a freeze order on Romualdez. On April 22, 2026, the Sandiganbayan Seventh Division issued a precautionary hold departure order (HDO) against Romualdez. The application was anchored on the complaint-affidavit filed by the Ombudsman’s Special Panel of Investigators before the Office of the Ombudsman’s Preliminary Investigation, Administrative Adjudication and Monitoring Office against Romualdez and others for plunder. The Office of the Ombudsman said the complaints involved “the alleged kickback scheme tied to flood control projects, purportedly masterminded by the respondent, with the total amount of such kickbacks reaching” P56 billion. Mentioned in the application were Co’s statements in video recordings as well as Orly Guteza’s testimony. Romualdez has denied any wrongdoing. “I have never authorized, instructed, or allowed anyone to engage in any conduct that would betray the people or taint my name,” he said. He has reiterated that he never received any alleged kickback in any infrastructure project. In a video message issued on April 21, Romualdez said that he would defend himself fully and not let himself be turned into the scapegoat in connection with the flood control mess. “And to those who think they can throw me under the bus to save themselves, this is what I have to say to you: I am ready to defend my name,” he said. THE Court of Appeals has ordered a 20-day freeze on a P1.665-billion Forbes Park estate and dozens of bank accounts connected to former House speaker Martin Romualdez and businessman Jose Raulito Enoy Paras, as authorities pursue a widening investigation into alleged corruption involving public infrastructure funds. In a resolution dated April 22, the appellate court said there was sufficient basis to believe the assets may be linked to unlawful activity, including potential violations of Republic Act 9160, or the Anti-Money Laundering Act. The freeze order prevents any movement, transfer, or withdrawal of the identified properties and funds while proceedings continue. The order covers a 3,196-square-meter residential property on Tamarind Road in South Forbes Park, Makati, which was purchased in 2023 by Golden Pheasant Holdings Corp., a company wholly owned by Paras. The estate was previously owned by shipping executive Doris Magsaysay-Ho. Also included are 35 bank accounts reportedly associated with Romualdez, some jointly held with family members, as well as 38 accounts linked to Paras. The businessman is also connected to corporate holdings that include cash deposits and seven condominium units in Bonifacio Global City. The Court of Appeals directed that a summary hearing be conducted within 20 days to determine whether the freeze order should be extended or lifted. The petition originated from the Anti-Money Laundering Council (AMLC) following a complaint filed by the Office of the Ombudsman. The complaint alleges plunder, graft, and bribery tied to a supposed P56-billion kickback scheme involving flood control projects. The freeze application cited testimonies from Senate Blue Ribbon Committee hearings, where witnesses claimed that cash-filled suitcases were delivered to residences allegedly linked to Romualdez and former lawmaker Zaldy Co, who has been in hiding in several European countries. Other statements pointed to alleged intermediaries who facilitated the movement of funds connected to public works contracts. In a press briefing on April 21, Ombudsman Jesus Crispin Remulla said the Office of the Ombudsman endorsed a complaint to the AMLC and that his office was waiting for the council to seek a freeze order on Romualdez. On April 22, 2026, the Sandiganbayan Seventh Division issued a precautionary hold departure order (HDO) against Romualdez. The application was anchored on the complaint-affidavit filed by the Ombudsman's Special Panel of Investigators before the Office of the Ombudsman's Preliminary Investigation, Administrative Adjudication and Monitoring Office against Romualdez and others for plunder. The Office of the Ombudsman said the complaints involved "the alleged kickback scheme tied to flood control projects, purportedly masterminded by the respondent, with the total amount of such kickbacks reaching” P56 billion. Mentioned in the application were Co's statements in video recordings as well as Orly Guteza's testimony. Romualdez has denied any wrongdoing. "I have never authorized, instructed, or allowed anyone to engage in any conduct that would betray the people or taint my name,” he said. He has reiterated that he never received any alleged kickback in any infrastructure project. In a video message issued on April 21, Romualdez said that he would defend himself fully and not let himself be turned into the scapegoat in connection with the flood control mess. "And to those who think they can throw me under the bus to save themselves, this is what I have to say to you: I am ready to defend my name," he said.
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