Mans Carpio’s food firm shows money laundering symptoms — analyst

MANILA, Philippines– A food business connected to Vice President Sara Duterte’s other half, Manases “Mans” Carpio, revealed signs of cash laundering, forensic monetary expert Atty. Alexander Cabrera stated on Monday, October 12, pointing out big quantities of cash streaming in and out of its accounts within a day or 2.

Cale 88 Foods Corp., an expected banana chip exporter, got P319.33 million in remittances from mainland China and Hong Kong, according to monetary records provided throughout the Senate impeachment trial’s procedures on Article II, which covers accusations of unusual wealth versus Vice President Sara Duterte.

The Anti-Money Laundering Council (AMLC) verified the remittances before the Senate impeachment court on October 5, based upon covered and suspicious deal reports sent by banks and banks.

The cash entered into Cale 88’s business accounts, not straight into the individual accounts of Duterte or her spouse, according to the AMLC records. Carpio supposedly held a 47.5% stake in the business from 2021 to 2024, according to its basic details sheet.

Cabrera explained Cale 88’s monetary deals as a “revolving door,” stating the cash did not appear to include worth to its service.

“That is a sign of cash laundering. Once again, this is not in my report, and I am not stating that cash laundering is occurring here. I am just stating that it is a sign,” Cabrera stated after Senator-judge Risa Hontiveros inserted throughout the hearing.

“When cash goes into the business and leaves on the very same day or the following day, it suggests it has actually not included any worth to the business,” he included.

Cabrera made the remarks after Senator-judge Raffy Tulfo asked him to discuss his findings on Cale 88’s monetary declarations.

The business had no payables or receivables in spite of being a producer or exporter of produced items. It likewise had no stock of basic materials or operate in procedure, while continuing to sustain losses no matter the quantity of cash going through its accounts, Cabrera stated.

“What we see at Cale 88 is not tinikling; I would call it a revolving door. Cash is available in and heads out. Big quantities of cash circulation in and out,” he stated.

Cabrera stated the deals might show that Cale 88 was being utilized as a pass-through for funds under the pretense of company activity. He clarified, nevertheless, that he was not concluding that cash laundering had actually happened.

Remittances raise nationwide security issues

Batangas Rep. Gerville Luistro, your house of Representatives’ lead district attorney in the impeachment case, formerly required a “full-blown nationwide security examination” into the remittances.

3 of the transfers had actually been reported by a bank as suspicious, Luistro stated, including that the deals ought to be taken a look at amidst continuing stress in between the Philippines and China in the West Philippine Sea.

The National Security Council previously stated it would analyze the reported foreign monetary inflows and collaborate with intelligence and investigative companies to figure out whether they presented nationwide security threats.

President Ferdinand Marcos Jr. likewise stated the claims, if real, would make up a nationwide security problem and a risk to the nation.

Throughout the October 10 hearing, Cabrera declared Cale 88 downplayed its profits by approximately 51% a year, with P193.95 million in remittances originating from Chinese business.

Hontiveros likewise flagged a Ukrainian business that sent out cash to Cale 88, stating her group discovered that the remitter matched a business under examination in Kyiv for scams and cash laundering.

Senator-judge Joel Villanueva questioned Cale 88’s reported P150 million in sales in 2024 regardless of having just 2 workers on record.

The BIR is auditing whether Cale 88 underdeclared its sales, which might result in shortage taxes or a criminal case if tax evasion is shown.

The Senate impeachment trial will resume at 1 p.m. on Tuesday, October 13. — with a report from Cristina Chi