The Court of Appeals (CA) has issued a 20-day freeze order against the bank accounts of a petroleum company whose officers are facing smuggling charges before the Department of Justice (DOJ).
In an 11-page resolution penned by Associate Justice Michael Elbinias, the CA’s First Division has found enough grounds to freeze the accounts and all related web accounts of Cross Country and Petroleum Corporation located at Unit 3105 World Trade Exchange Building, 215 Juan Luna Street, Manila and Aleli Arellano, Jerome Canada and Samuel Mora.
Arellano is a major stockholder of the oil firm which had been able to engage in multi-billion peso oil importation business despite a paltry capitalization of only P3 million.
She allegedly signed some of questionable import entries of the oil company.
Canada is a customs broker who signed some of the questionable import entries of the Cross Country.
The freeze order became possible following the petition filed by the Anti-Money Laundering Council (AMLC).
Ordered frozen are the assets of the oil firm in Asia United Bank, Security Bank, Metrobank, Bank of the Philippine Islands, Banco de Oro, Green Bank, Land Bank, Phil. National Bank and Export and Industry Bank.
The appeals court directed the concerned banks to comply with the order.
Both parties were directed to attend the hearing set on November 10, 2011 at the CA Building in Manila, “in order to determine whether or not to modify, lift, or extend the effectivity of the freeze oder.”
Records showed that the company was able to import nearly P8.5 billion worth of petroleum products between March 2009 and September 2010.
Also facing charges before the DOJ are Mora, duties and VAT-refund representative of Cross Country; Canada, customs broker and several others, among them customs employees who allegedly conspired to defraud the government of taxes.
These violations supposedly gave the government legal justification to consider all subject Cross Country shipments as fraudulent and demand from the company payment of the entire amount of the petroleum products imported to the tune of P8.5 billion.
In its ruling, the CA stated that “after a careful and judicious examination, the petition for the issuance of a freeze order is justified by a finding of probable cause.”
“…Unless the bank accounts subject of the petition are frozen and placed under the custody of the law, there is imminent certainty that the funds contained in the accounts …will be withdrawn…and out of reach of the law enforcers,” the resolution stated.
Concurring with the ruling were Associate Justices Andres Reyes Jr. and Celia Librea-Leagogo.
PINOY SNIPER 
Nice !
Love watching sunset !