From 'Braavos' to Forbes Park: Prosecutors trace alleged Romualdez-linked assets

MANILA, Philippines — Prosecutors accused former House speaker Martin Romualdez of using part of the alleged P7.44-billion flood-control kickback haul to set up or use shell companies and corporate conduits to acquire properties, shares and other assets.

The allegation forms part of the plunder case filed by the Office of the Ombudsman against Romualdez, former lawmaker Zaldy Co, Romualdez aide Joselyn Tragua Serenio and businessman Felicito Cristobal Guevarra.

In the case filed before the anti-graft court Monday, September 7, prosecutors accused the group of "setting up and/or using shell or dummy corporations and conduits" using part of the P7.44 billion that investigators said had been traced and uncovered.

The charge sheet names Golden Pheasant Holdings Corp., Braavos Holdings OPC and Valiant Consolidated Resources Inc., while also alleging that funds were used to repurpose Brightnews Corp. and Clearspring Holding Corp. In fantasy epic franchise "Game of Thrones," Braavos is a fictional city which hosts the powerful Iron Bank where rulers keep their wealth.

In the filing, prosecutors say Braavos and other shell companies were used "to acquire and hold properties, shares, and other assets for the benefit of Romualdez and make donations on the latter's behalf."

Among the transactions cited was the purchase of a property at 30 Tamarind Road in South Forbes Park through Golden Pheasant. Prosecutors alleged that the acquisition was partially funded by simulated dollar-to-peso transactions facilitated by Guevarra through Samchan Foreign Exchange Corp.

The Information also alleged that a property at 14 Narra Avenue in Forbes Park was acquired through Brightnews, with the purchase price funded by Trans Middle East (Phils.) Equities Inc., which prosecutors described as a corporation "closely associated with and/or controlled by Romualdez."

Prosecutors further alleged that Valiant was used to purchase shares in Prime Media Holdings Inc., while Clearspring was used to acquire shares in DigiPlus Interactive Corp.

The Ombudsman accused Romualdez, Co and their co-accused of receiving at least P7.44 billion in commissions, shares, percentages, kickbacks, "commitments" and other financial benefits on at least 15 occasions.

The Information alleged that the money came from contractors and other parties with interests in flood control, infrastructure and other government projects funded under the national budgets from 2022 to 2025.

Prosecutors said the funds were delivered to properties "owned by, occupied by, or associated with Romualdez" and received by Serenio and others allegedly acting on his behalf.

The Sandiganbayan Third Division later found probable cause and issued a warrant for Romualdez's arrest.

He was served the warrant Monday night while confined at Cardinal Santos Medical Center and remains under police custody.

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