Latest Breaking News On - Manila the sandiganbayan anti graft court has convicted former president of national agribusiness corporation nabcor for an anomalous php10 million contract in 2012 to engage services ofa financial advisor connection with its outstanding debts amounting php1 67 billion ina 42 page decision dated march 25 written by associate justice rafaelr lagos - Page 1 : comparemela.com
MANILA-The Sandiganbayan anti-graft court has convicted the former president of the National Agribusiness Corporation (Nabcor) for an anomalous PHP10-million contract in 2012 to engage the services of a financial advisor in connection with its outstanding debts amounting to PHP1.67 billion. In a 42-page decision dated March 25 written by Associate Justice Rafael R. Lagos, the anti-graft court's Fifth Division sentenced Honesto Baniqued to up to 8 years imprisonment and ordered him to indemnify the Department of Agriculture (DA) PHP4.78 million. Nabcor is a government-owned and controlled corporation (GOCC) under the DA and served as its trading and marketing support until it was abolished in 2013. Baniqued had approved the payment of PHP4.79 million to lawyer Rodolfo V. Romero representing the initial payment and remuneration as financial contract for Romero to act as counsel to negotiate a debt restructuring plan (DRP) with the Philippine Deposit Insurance Corp. (PDIC) in relation