Forensic Financial Analyst Sees ‘Money Laundering’ In Accounts Of Companies Linked To VP

At the resumption of Vice President Sara Duterte’s impeachment trial on Monday, Oct. 12, witness forensic financial analyst and lawyer Alexander Cabrera testified that the flow of multimillion-peso managers’ checks and cash withdrawals in accounts of companies linked to the Vice President exhibits the behavior of typical money laundering operations.

Cabrera described a “revolving door” pattern in the movement of funds during an interjection by Sen. Risa Hontiveros.

“When money goes into a company and goes out the same day or the following day, it means it didn’t add any value to the company,” he said.

“That’s what happens in typical money laundering transactions,” he added.

The pattern is designed to obscure paper trail, he pointed out.

During the interjection, the specific accounts mentioned were those of GenCorp Industries Inc., Metro City Chow and Cale88 – all linked to the Vice President and her husband Manases Carpio.

Cabrera also pointed out the unusual nature of maintaining high-value time deposits without withdrawing the interest, but converting them into managers’ checks.

He noted that while Duterte did not sign the checks herself, her name was on the time deposits.

“To give up interest on a large amount like that doesn’t really make any business sense,” Cabrera said.

He also said that missing inventory, lack of standard receivables and payables and low utility footprints indicate that Cale88, described as local exporter of banana chips, may not be a functional manufacturing business.

Sen. Raffy Tulfo raised parallelism between traditional organized crime laundering techniques and the financial records of Cale88, saying illicit groups historically inject “dirty money” into legitimate front businesses to pay taxes and avoid tax evasion scrutiny.

When asked to analyze Cale88’s financial statements, Cabrera pointed out glaring discrepancies that deviate from standard industry operations. “Wala po siyang payable, wala po siyang receivable,” the witness testified.

Earlier during the trial, defense counsel Kristine Ferrer questioned Cabrera’s serving as prosecution witness, citing his membership in organizations that urged the Supreme Court to reconsider its ruling last year declaring the impeachment proceedings against Duterte unconstitutional.

The organizations wherein Cabrera is a member are the Management Association of the Philippines, Makati Business Club and the Justice Reform Initiative and Integrity Initiative.

Earlier, Cabrera said Duterte had ?817.87 million in unexplained wealth based on the limited documents examined in connection with her impeachment trial.

During his direct examination by House prosecutor and Akbayan party-list Rep. Chel Diokno on Day 37 of the Senate impeachment trial on Friday, October 9, Cabrera said Duterte’s statements of assets, liabilities, and net worth (SALNs) from 2022 to 2025 were untruthful, with a substantial amount of assets belonging to the Vice President and her spouse allegedly left unreported.

Cabrera also said Duterte continued to participate in various businesses during her vice presidency.