CA freezes drug convict Peter Co’s bank accounts, insurance policies

The Court of Appeals (CA) has frozen the bank accounts and insurance policies of convicted Chinese drug lord Peter Co, an inmate at the New Bilibid Prison (NBP) who once accused an alleged nephew of Senator Leila De Lima of demanding millions of pesos for her election campaign.

In an order dated January 20, the CA Fifth Division granted the six-month freeze order sought by the Anti-Money Laundering Council (AMLC) against Co, whose real name is Wu Tuan Yuan.

Also covered by the order were the accounts of several personalities and dummy firms Blue Oceanic Textile Marketing and Tencent Import and Exporting Corp.

“In this court’s fair and objective estimation, [AMLC] has shown, to the degree required by the Anti-Money Laundering Act, the existence of probable cause that the aforesaid bank accounts and their related accounts are related to violations of Republic Act No. 9165, also known as the Comprehensive Dangerous Drugs Act, an unlawful activity under Republic Act No. 9160 (Anti-Money Laundering Act), as amended, and that the subject persons are involved in money laundering
activities under the latter statute,” the CA order stated.

The CA cited statements of self-confessed drug distributor Kerwin Espinosa, and other NBP inmates Nonilo Arile and Engelbert Durano and a report of the Philippine Drug Enforcement Agency (PDEA) in establishing Co's drug links.

Co and his distributors allegedly operate on a consignment basis, meaning the illegal drugs are released to trusted distributors prior to actual payments. Payments are remitted through deposits or wire transfers at a later date to different accounts. 

“Through call and messages to associates, Wu Tuan Yuan manages to control the sale and distribution of drugs in numerous areas (Laguna, Cebu, Cotabato, Butuan, Ozamiz, Zamboanga, Salvador and Marawi City),” the CA said.

AMLC's initial investigation showed Co's bank transactions, including deposits and withdrawals from January 7, 2009 to January 8, 2015, reached a cumulative amount of P199,035,675.

"As overwhelmingly shown, Wu Tuan Yuan is a supplier of shabu and uses various bank accounts to receive bank accounts to receive remittance of payments thereon," the CA said. 

"These, coupled by the fact that he is imprisoned and has thus no source of legitimate income, conclusively show that the funds in his bank accounts, including the amounts in the transactions above-mentioned, came from and/or related to his drug trafficking," it added.

CA Associate Justice Stephen Cruz penned the order and was concurred in by Justices Jose Reyes Jr., and Ramon Paul Hernando.

Last September, Co testified before the House justice committee probe into the NBP drug mess that he had given a total of P5 million to Jose Adrian Dera alias Jad De Vera for the release of a niece and her husband, who were nabbed in a anti-drug operation.

The money allegedly went to De Lima's campaign kitty for the 2016 elections.

De Lima, a former justice secretary, has repeatedly denied allegations linking her to the illegal drug trade in the country. —NB, GMA News