Gatchalian seeks court nod to travel to China

MANILA, Philippines -  Valenzuela City Rep. Weslie Gatchalian has asked the Sandiganbayan to allow him to attend the Belt and Road Forum for International Cooperation to be held in Beijing from May 14 and 15. 

In a motion filed before the anti-graft court’s Fourth Division, Gatchalian sought permission to leave the country tomorrow until May 16.

He said he was invited by the Bases Conversion and Development Authority to attend the forum and be part of the country’s official delegation to China.

President Duterte is expected to attend the forum.

In his motion, Gatchalian assured the court that he will be back to the country on May 16.

Gatchalian is facing graft charges before the Sandiganbayan along with former Local Water Utilities Administration chairman and now Surigao del Sur Rep. Prospero Pichay over the alleged anomalous acquisition by the LWUA of Express Savings Bank Inc. (ESBI) in 2009. 

The thrift bank based in Laguna is owned by Forum Pacific Inc. and the Gatchalian family’s WELLEX Group Inc.

The acquisition was allegedly done without the approval of the Office of the President, Monetary Board of the Bangko Sentral ng Pilipinas (BSP) and Department of Finance.

Court records showed that a total of 445,377 stocks were bought by LWUA from ESBI for P80 million despite the bank’s insolvency status after suffering substantial net losses and capital deficits from 2005 to 2009.

The LWUA allegedly deposited P700 million to ESBI’s savings account to augment its capital stocks, again without the required approval of the BSP.