PROSECUTION

DEFENSE

Accused former President Joseph Estrada of committing plunder “by enriching himself…in the amount of P3, 233,104, 173.17” and depositing it “in his account Jose Velarde at the Equitable-PCI- Bank.”

The prosecution claimed that:

• Joseph Estrada is Jose Velarde.
  During his testimony, Estrada admitted that he signed bank documents as “Jose Velarde.” Most of the transactions involving the Velarde account was made by Estrada’s secretary, Baby Ortaliza. Bank documents showed that the “Boracay mansions,” which were allegedly owned by Estrada, were bought using the money from the Velarde account.
• Estrada maintained and owned the Jose Velarde account and deposited in it more than P3 billion worth of ill-gotten wealth.

Highlights of the testimonies of the some of the witnesses:

• Clarissa Ocampo and Atty. Manuel Curato

Bank officials of Equitable-PCI Bank. Estrada signed the Investment Management Agreement, which was brought by Ocampo to Malacañang on Feb.4, 2000, using the name “Jose Velarde” to extend a loan to Wellex Inc., owned by William Gatchalian.

• Teresa Barcelona

Manager of Equitable-PCI Bank Greenhills-Ortigas branch. Baby Ortaliza made the inter-branch deposits to the Jose Velarde account.

• Melissa Pascual

Former bank teller at Equitable-PCI Viramall branch. She processed checks deposited by Ortaliza to the Jose Velarde account.

• Glyzelyn Bejec

Assistant teller at Equitable-PCI Bank Greenhills branch. There were several checks deposited in the Jose Velarde account. (Her testimony was used to prove that the amount of P189.7 million, representing the commission from the sale of Belle shares, was deposited to the Velarde account.)

Claimed that:

• The prosecution failed to link Joseph Estrada to the Jose Velarde account.
  None of the prosecution witnesses were involved in the opening and closing of bank accounts. None of them knew who issued the checks deposited in the accounts. Ocampo and Curato could not testify on who opened and closed the accounts.
• The owner of the Velarde account is Jaime Dichaves.

Witnesses:

• Joseph Estrada

Former President. Admitted that he signed documents as Jose Velarde before Ocampo, but said that the signing was a request of his friend, Jaime Dichaves. Dichaves assured him that it was just an arrangement with the bank (to make Gatchalian believe that Estrada owned the account) to ensure that the borrower would pay the loan given to him on time.

• Romuald Dy Tang

Former treasurer and executive vice president of Equitable-PCI Bank. Dichaves opened the Velarde account. He and another bank employee, Betty Bagsit, handled the Velarde account for Dichaves. When Dichaves told Dy Tang that he wanted to open an account under the name Jose Velarde, he advised Dichaves to prepare a letter for the records. He sometimes saw Dichaves in the bank when the latter made withdrawals from the Velarde account.

• Betty Bagsit

Dy Tang was the account officer of Dichaves and she sometimes handled the account of Dichaves. There is no Jose Velarde and that it was Dichaves himself. All the transactions in the account were coursed through Dichaves.