Court Freezes Former Philippine President's Alleged Bank Accounts

The Philippine anti-graft court Monday ordered a freeze on jailed Former President Joseph Estrada' s alleged bank accounts amounting to 4.1 billion pesos (80 million US dollars) in connection with his plunder case.

The court, Sandiganbayan, issued the order during a pre-trial hearing at the third division of the court where Estrada appeared.

The suspected accounts were opened at the Equitable PCIBank in the name of Estrada's alleged accountant Yolanda Ricaforte, who reportedly fled to the United States before the court issued arrest warrants against the defendants in the case in April.

Estrada pleaded not guilty during his arraignment on July 10 to charges that he illegally accumulated 41 billion pesos during his 31 months in office.

The former president, toppled in a military-backed popular revolt on January 20, was arrested in April on charge of economic plunder, a non-bailable offense punishable by death. His successor Gloria Macapagal-Arroyo has said earlier that she would commute his sentence if he is convicted.

Estrada is also facing the lesser charge of perjury for allegedly not stating his true wealth in an official declaration of assets. The trial has been set to start on October 29.

People's Daily Online --- http://english.peopledaily.com.cn/