Philrem not off the hook in $81M launder case despite return of cash – Guingona

MANILA — Senator Teofisto “TG” Guingona III on Thursday said returning the cash coming from the laundered money would not absolve officials of the Philrem Service Corp. from any criminal liability.

“PhilRem has a lot of explaining to do. A lot of senators still have a lot of questions to Philrem,” Guingona told reporters after the Thursday’s Senate Blue Ribbon committee’s inquiry into the $81-milion money laundering scheme.

“They won’t be absolved,” Guingona said.

During the hearing, Philrem president Salud Bautista vowed to return the P10.4 million which Philrem earned from the handling fee in the transactions from the laundered money.

“It’s still a long way before we finish the trail that started from New York to RCBC, to William Go’s account to PhilRem then back to RCBC and Philrem, then to the casinos in the Philippines,” Guingona said.  SFM