Ex-bank official says Dichaves is Jose Velarde

A former Equitable-PCIBank executive testified yesterday at the Sandiganbayan that businessman Jaime Dichaves, an associate of deposed President Joseph Estrada, signed bank withdrawal slips on several occasions as "Jose Velarde."

In his testimony before the anti-graft court’s special division which is trying Estrada for plunder, former bank official Romuald Dy Tang said Dichaves made several withdrawals from the Jose Velarde account by signing the name Jose Velarde.

"When he goes to the bank, I give him withdrawal slips to sign and he would sign as Jose Velarde in my presence," said Dy Tang.

The testimony was aimed at debunking the prosecution’s key accusation that Estrada ran an illegal gambling protection racket during his aborted presidency and kept the proceeds in a secret Equitable bank account under the name Jose Velarde.

Two former Equitable bank officials, Clarissa Ocampo and Manuel Curato, had earlier told the Sandiganbayan that they witnessed Estrada sign bank documents as Jose Velarde on Feb. 4, 2000.

By presenting Dy Tang again in court, Estrada defense lawyer Jose Flaminiano said they intended to establish the authenticity of a photocopy of a letter to the bank that opened an account under the name Jose Velarde, which at one point contained deposits totalling P3.2 billion. The original letter is missing.

In yesterday’s hearing, Dy Tang told the court that based on his recollection, the photocopy of the letter is authentic.

"It is the same as what I saw," Dy Tang said.

In May, Dy Tang, then PCIBank executive vice president and treasurer, told the Sandiganbayan that Dichaves opened the Jose Velarde accounts, handled all bank instruments pertaining to it and conducted all related transactions.

His testimony corroborated an earlier statement by former Equitable PCIBank assistant vice president Beatriz Bagsit who identified Dichaves as the real Jose Velarde.

The prosecution maintains that it was Estrada who used the Velarde accounts allegedly to launder proceeds from his illegal gambling protection racket.