DPWH freezes P4.7B air assets, half billion luxury vehicles of Zaldy Co

The Department of Public Works and Highways (DPWH) urged the Anti-Money Laundering Council (AMLC) to freeze aircraft assets worth over P4.7 billion and nearly half a billion pesos in luxury vehicles linked to Ako Bicol Party-list Representative Elizaldy “Zaldy” Co and business firms run by his family members.

In an effort to recover ill-gotten assets linked to the flood control projects scandal, DPWH Secretary Vince Dizon revealed that the Civil Aviation Authority of the Philippines (CAAP) submitted a list that covers 11 airplanes and helicopters registered to Misibis Aviation and Development Corp., Hi-Tone Construction and Development Corp., and QM Builder.

Misbis Aviation, led by Co’s son Michael Ellis, holds over P4.3 billion in the current exchange rate, among them a P2 billion Gulfstream 350 and a P896 million Agusta Westland AW1399. 

Air assets under Hi-Tone Construction and Development Corp., managed by Zaldy’s brother Christopher Co, reportedly include a P386.4 million Agusta A109E helicopter, part of its P444.64 million total asset portfolio.

A P112 million Bell 505 registered to QM Builders, a contractor linked to Cebuano engineer Allan Quirante and among the firms under probe, was also part of the freeze request. 

Luxury vehicles probed

Moreover, the DPWH also requested the AMLC’s assistance in freezing motor vehicles worth a total of P474.5 million, registered to 26 individuals under investigation, including dismissed DPWH Assistant Engineer Brice Hernandez, former DPWH Bulacan First District Engineer Henry Alcantara, Jaypee Mendoza, and contractor Pacifico Discaya.

Of those listed, Hernandez has already surrendered one of his luxury vehicles to the Independent Commission on Infrastructure (ICI) as part of his cooperation in the investigation.

According to Dizon, the request to freeze the vehicle assets was made to prevent them from being sold or disposed of.

“‘Huwag niyo pong bibilin ang mga asset na ‘yan dahil malamang mapi-freeze na ‘yan,” he said.

Meanwhile, after presenting his sworn statement to the Senate Blue Ribbon Committee, Alcantara admitted to working with DPWH Undersecretary Roberto Bernardo to funnel commissions from flood control projects to the camps of Senators Jinggoy Estrada, Joel Villanueva, former Senator Bong Revilla Jr., Co, and former Caloocan Representative Mitch Cajayon.

In a speech at the Senate plenary later that day, Villanueva and Estrada denied involvement in the scandal.

Revilla, when speaking to reporters, stated that he had no affair with the matter claimed by Alcantara.

Co also dismissed the allegations at the Senate, describing them as “false and baseless.”

Following a trip to the United States for what appears to be a ‘medical issue’, Co is reportedly heading to Madrid, Spain.