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Transportation Secretary Arthur Tugade (PNA Photo) MANILA - Transportation Secretary Arthur Tugade on Tuesday denied allegations of undeclared assets hidden in an offshore account, noting that all of his investments have been disclosed in his sworn statement of assets, liabilities, and net worth (SALN) since 2012. In a statement, Tugade said his family's investments in Virgin Islands-based firm Solart Holdings Limited was a "legitimate attempt to grow our financial portfolio" and have been disclosed as "offshore investments" in his SALN from 2012 to 2020. "This is a matter of public record, and the subject offshore investments in Solart Holdings was a personal financial move that was established long before I joined the government," Tugade said. The company, he said, was organized back in 2003 to hold a portion of his family's cash assets. "We decided to have a portion of our savings invested outside the Philippines, which is valid and legal,&

Solart holdingsInternational consortium of investigative journalistsSecretary arthur tugadeVirgin islands basedSolart holdings limitedInternational consortiumInvestigative journalistsPandora papersTransportation secretary arthur tugade pna photo manila on tuesday denied allegations of undeclared assets hidden in an offshore accountOting that all of his investments have been disclosed in sworn statement assetsNd net worth saln since 2012 ina statementUgade said his family 39s investments in virgin islands based firm solart holdings limited wasa quot legitimate attempt to grow our financial portfolio and have been disclosed as offshore saln from 2012 2020 this isa matter of public recordNd the subject offshore investments in solart holdings wasa personal financial move that was established long beforei joined governmentUot tugade said the companyShe saidAs organized back in 2003 to holda portion of his family 39s cash assets quot we decided havea our savings invested outside the philippines