BLUE RIBBON LAID FIRST STONE TO FUND RECOVERY - GUINGONA

"THE COMPLETION of the promised P450 million is part of our country's contribution to Bangladesh's continuous bid to recover the $81 million stolen from their funds. The Senate Blue Ribbon's work is paying off."

Thus stated Blue Ribbon Committee Chairman and reelectionist Senator Teofisto "TG" Guingona III on Thursday, following Kim Wong's turnover of P250 million to the Anti-Money Laundering Council (AMLC). The cash fulfills the junket operator's commitment during the committee hearings to return a total of P450 million, among other amount that Wong has handed over for safekeeping.

Wong's legal counsel oversaw the delivery of the money to the Bangko Sentral ng Pilipinas (BSP) Wednesday, one day before the 30-day deadline that Wong personally vowed before the Blue Ribbon panel.

"I told the Senate Blue Ribbon Committee that I would return P450 million within one month," Wong's statement was quoted.

On April 19, Wong delivered the first P200 million of the P450 million to AMLC for safekeeping.

"Bangladesh's central bank chief is set to meet with the head of the Federal Reserve Bank of New York next week, reportedly to seek the recovery of the stolen funds. I think our hearings have laid the first stone to that path," Guingona stated.

In the next hearing, re-scheduled on May 17, Tuesday, Guingona's committee expects to have the phone records of Wong, Maia Deguito, and PhilRem's Bautista couple to finally clarify who called whom during the deliveries of laundered stolen funds. PhilRem's accountant, who has remained incognito until the last hearing was suspended, is also expected to appear.