Cedric Lee posts bail for graft, malversation

MANILA, Philippines - Businessman Cedric Lee yesterday posted bail shortly after the Sandiganbayan issued warrants for his and former Mariveles, Bataan mayor Angel Peliglorio Jr.’s arrest in connection with the graft and malversation complaints filed against them.

Lee posted P30,000 for the graft complaint and P40,000 for malversation.

The magistrates of the anti-graft court’s Third Division said they found sufficient basis to proceed with the complaints against Lee and Peliglorio.

Lee, who was accused of beating up television personality Vhong Navarro last year, allegedly connived with Peliglorio for the release of P37.5 million in public funds in March 2005.

Investigation showed the money was from a bank loan and released to Lee’s firm, Izumo Contractors Inc., as advance payment for the project that was never started.