Press Release
March 30, 2016


AT THE conclusion of the third public hearing on the $81-M money laundering case, Senate Blue Ribbon Committee Chairman, Senator Teofisto "TG" Guingona III, has announced that "a portion of the loot long considered gone and spirited away was effectively recovered."

According to Guingona, casino junket operator Kam Sin Wong, alias "Kim Wong," is willing to return his share in the stolen funds, foremost of which is the $4.63 million cash that he allegedly picked up from the house of PhilRem owners Michael and Salud Bautista.

"At least there is a positive development; we can give back $4.63 million. I talked to Mr. Kim a while ago, during the break, and he is willing to make arrangements to his lawyers to turn over the cash to the AMLC," Guingona announced during the hearing.

Wong also vowed to return the P450 million of the P1 billion that he got as Gao's debt payment. At that time, Wong claimed he was not aware that it was part of the money stolen from the Central Bank of Bangladesh. The junket operator said he is willing to sell his properties to raise the amount.

Another P107 million may also be recovered for the Bangladesh government after Solaire has made a quick move to freeze the account of a certain Ding Zhize. The said amount is part of the P1.365 billion credited to Ding's account in Solaire.

"Once Wong has handed in the $4.63 million cash, it's up to the Central Bank and the Anti-Money Laundering Council to turn over the cash to the Bangladeshi authorities. . . We are able to return a certain amount which, presumably, would not have been unearthed had we not had these hearings," Guingona added.

News Latest News Feed