Excerpts from PRIVILEGE SPEECH of Senator Enrile

JUDGE JOSELITO VILLAROSA

“Judge Joselito Villarosa heard the complaint filed by the new Board of Directors of Philcomsat Holdings Corporation against the Bank of the Philippine Islands to compel the bank to freeze the Philcomsat Holdings Corporation’s accounts and to enjoin it from honoring checks of the Locsin group. The Bank of the Philippine Islands collaborated with the Locsin group. Judge Villarosa denied the prayer for a TRO on the flimsy ground that the new board only presented evidence of dissipation of Philcomsat Holdings Corporation’s funds for the years 2004 and 2005 and did not present evidence for the dissipation of funds in 2006.

The records of transactions were with the Locsin group and the Bank of the Philippine Islands refused to show the Philcomsat Holdings’ statements of accounts. How can the new board present evidence, Mr. President?

Around the time of the issuance of the Order of Denial approximately P3 million was taken out of the Philcomsat Holdings Corporation funds allegedly for legal fees and PR expenses.”