PAGCOR profit may be turned over to Bangladesh

The P48-million ($1.04 million) that accrued as profit to the Philippine Amusement and Gaming Corp. (PAGCOR) may be seized by government and turned over to Bangladesh, Senator Teofisto Guingona III said on Tuesday, reports the GMA News.

 

The amount was from the dirty money played at Midas Hotel and Casino, a gaming facility operated by PAGCOR.

 

Following the Senate blue ribbon committee hearing on Tuesday, Guingona told reporters that an additional P48 million may still be recovered out of the $81-million dirty money stolen from the Bangladesh Bank.

 

“Today we have P48 million we have identified na winnings sa Midas. Pag winnings, ang may-ari na niyan PAGCOR. So from PAGCOR, pwede na i-return ‘yan sa Bangladesh. So that’s another P48 million,” Guingona, who chairs the committee, told reporters after the hearing.

 

Some P1 billion of the Bangladesh funds went to Midas, which is regulated by PAGCOR. The winnings of PAGCOR – as a state-owned and controlled corporation – may be considered public funds, Guingona emphasized.

 

He noted, however, as public funds there must be laws for the money to be sent out to Bangladesh.

 

“Because it becomes PAGCOR funds, it’s public funds, its government funds. Our constitution says you cannot pay out funds except by law. So a law has to be passed and that law is the budget... There has to be:  Number one, the go signal from the Office of the President and, number two, it has to be approved by Congress through the budget,” Guingona noted.

 

“They’ll have to wait for it but at least meron kaysa wala,” he added.

 

Aside from the P48 million, casino junket agent Kam Sin “Kim” Wong turned over $4.6 million to the Anti-Money Laundering Council on March 31, and P38.280 million on April 4.

 

His company Eastern Hawaii Leisure Co. Ltd. also turned over P200 million to the AMLC on April 18.