Binay, other former Boy Scout officials facing graft charges over land sale
Former Vice President
Binay was BSP president for two decades. He supposedly approved the undervalued sale of a one-hectare BSP property to
The land along
"The sale was grossly undervalued considering that under the Omnibus Loan and Security Agreement between BSP and AMPI, the Malugay property was mortgaged for P1,750,000,000.00 which is indicative of the property`s true value," the Ombudsman said.
It added the property`s total appraised value including improvements was over 10 billion in 2015.
Section 3(e) of Republic Act 3019 or the Anti-graft and Corrupt Practices Act makes it punishable for public officials and employees to give private entities unwarranted benefits, advantage or preference in government transactions. The same goes for private individuals who enter deals "grossly disadvantageous" to the government.
Those found guilty face imprisonment of up to 10 years, perpetual disqualification from public office, and forfeiture of unexplained wealth.
Graft charges were also recommended against former officers of the
The Ombudsman also recommended the filing of an administrative complaint against Binay and former BSP officials for gross neglect of duty.
Binay`s camp said the charges are baseless, and accused Ombudsman
"Clearly, the Ombudsman intends to spend her last days in office pursuing her personal and political agenda against former VP Binay while being a true-blue Yellow protector to the end," Binay`s spokesperson,
Binay is also facing corruption charges at the anti-graft court Sandiganbayan over the allegedly overpriced
(c) 2018 ITP Business Publishing Ltd. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source