Landbank may open Garcia’s accounts to scrutiny

The Land Bank of the Philippines said yesterday it is willing to divulge details of five dollar accounts held by the family of retired Maj. Gen. Carlos Garcia to comply with an order issued by the Sandiganbayan.

In a four-page letter it sent to the anti-graft court, the Landbank reiterated that it simply wants to be assured it would not be violating any law once it makes public the bank records of Garcia, his wife Clarita, and their children Ian Carl, Juan Paolo and Timothy Mark.

The Landbank was forced to issue a statement after government prosecutors asked the justices of the Sandiganbayan’s fourth division to cite the bank’s officials for contempt for refusing to carry out the anti-graft court’s seizure order on the dollar deposits held by Garcia, who allegedly acquired wealth beyond his means during his three-year tenure as comptroller of the Armed Forces of the Philippines (AFP).

The state-run bank justified its reluctance to comply with the order, saying it acted in "good faith" since a perusal of the Foreign Currency Deposit Act (Republic Act 6426) indicates that accounts such as Garcia’s cannot be encumbered.

"Respondents (Landbank officials) are willing any time to disclose the balances of the dollar deposits and effect garnishment thereon upon clarification by the court of the issues raised as to the applicability of laws and jurisprudence on the foreign currency deposit," the letter read.

The Landbank said it is "not unmindful of the corrupt practices of erring public officials and the illegally amassed wealth of unscrupulous officers." It added that it sympathized with the government and does not want investigators barred from digging deeper.

"The bank is also one with the sentiment of the republic that it should not be barred from laying claim on illegally amassed wealth simply because it is in some other denomination. For (Landbank’s) guidance therefore, a clarification of RA 6426 is earnestly sought," the bank said.