AMLC: P13B worth of assets tied to flood control mess now frozen

The Anti-Money Laundering Council (AMLC) on Friday said it has secured another freeze order against the assets of a construction firm and several associated entities and individuals allegedly involved in irregular flood control projects.

In a statement, the AMLC disclosed that the Court of Appeals (CA) issued the freeze order on Thursday, covering a private construction company identified as having the largest number of suspected ghost flood control projects.

Also included were entities and persons believed to be connected to the firm’s operations.

The order affects 280 bank accounts, 22 insurance policies, three securities accounts and eight air assets. The CA ruled that there were sufficient grounds to link these assets to possible violations of Republic Act No. 3019, or the Anti-Graft and Corrupt Practices Act, and malversation of public funds and property under Article 217 of the Revised Penal Code.

AMLC Executive Director Matthew David said the move demonstrates the council’s continuing resolve to safeguard public funds.

“The filing of this petition for a freeze order underscores the AMLC’s firm commitment to recover every peso of public funds that may have been misused,” he said.

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The latest action adds to the mounting number of assets placed under freeze since authorities began investigating anomalies in flood control projects.

The total value of frozen assets has now reached P13 billion, with investigators expecting the figure to grow as the probe continues.