Jamby backpedals on raps aired vs Speaker’s brother

08/06/2008

Bereft of any proof to substantiate her accusations leveled against the brother of Speaker Prospero Nograles, Jose, of his pocketing P14 million in “lawyer’s fee” in the so-called swine scam and smarting from the public scolding she received from members of the House of Representatives over what turned out to be a baseless accusation against investment banker Jose Nograles, Sen. Ana Consuelo “Jamby” Madrigal yesterday backpedaled from her charges,

denying she had accused the younger Nograles, claiming that she was merely “asking” questions.

Madrigal backtracked from her previous charges made in an open public hearing last Thursday or during the swine scam investigation by the Senate blue ribbon, implicating Nograles and accusing him of having benefited from the P122 million “arranger’s” and “lawyer’s” fees surrounding the P5 billion loan granted by Land Bank of the Philippines and Equitable-PCI bank sometime in 2004.

Madrigal has earned the reputation of accusing individuals without proof.

Madrigal, who has been at the receiving end of lak from several congressmen especially during the weekend, with some even giving her an ultimatum to present evidence last Monday, issued her denial only yesterday.

She insisted she did not directly accuse the Speaker’s brother in the alleged highly anomalous distribution of swine program implemented by Quedan and Rural Credit Corp.’s (Quedancor) but was merely seeking clarification as to who pocketed the unaccounted funds.

“For me, the transactions should have been very straightforward. Why was there a need to hire a consultant? That’s the P100 million question,” she said.

“I’m just asking questions. I’m not accusing anyone of anything. But we need more clarification. I’m just saying, do the math, do the math,” she added.

Nonetheless, blue ribbon chair Sen. Alan Peter Cayetano is planning to have Madrigal engage in a face off with those whom she had accused of misusing the funds, saying they will invite for questioning officials from LandBank, Equitable-PCIBank, Quedancor and ONL Consultancy firm when they hold another public hearing next Tuesday.

The LandBank the other day issued an official statement, reiterating that Jose Nograles acted in his official capacity as senior vice president of Landbank’s Treasury and Investment Banking Group when he signed the documents for the P3 billion loan granted to Quedancor in May 2004.

Landbank stressed it was incumbent upon Nograles then to sign the documents since he was in charge of the group in Landbank that was arranging the loan.

The Equitable PCI Bank and LandBank were the lead arrangers and funders of the loan package amounting to P5 billion.

“Mr. Jose Nograles is highly regarded by LandBank Management and Board of Directors,” the statement said.

Angie M. Rosales

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