The Sandiganbayan has cleared two officials of the state-run
Trade and Investment Development Corporation of the Philippines and two private individuals of over P4 billion worth of government losses involving a sovereign guarantee given to an unqualified firm, GMA News reported.
As a result, TIDCORP, as guarantor, paid WGI’s loan obligations but was unable to recover the amount paid resulting in over P4 billion worth of government losses. Likewise, the anti-graft court said that witness and lawyer Rosario Bernaldo, the author of the Transactional Audit Report on the WGI sovereign grant, testified that aside from TIDCORP’s Alonzo and Cometa’s favorable recommendation of granting the sovereign grant to WGI, there is no other evidence “which would show conspiracy in railroading the approval of WGl’s guarantee application.”
Further, the Sandiganbayan said the prosecution failed to refute WGI’s assertion that the firm filed a case for corporate rehabilitation and suspended payments to its creditors because of a January 2006 incident when WGI’s brand new ship unloader supplied and installed by Swiss company Buhler unexpectedly had a mechanical breakdown.
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