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Ignacio: Tycoon Jack Lam owes PAGCOR P 13.9 billion

Philippine Gaming Corporation (PAGCOR) Vice President Arnel Ignacio estimates gambling tycoon Jack Lam owes the Philippine government P 13.9 billion in debts.

Ignacio presented this information at the Blue Ribbon Committee hearing on Monday on the P 50-million bribery scandal involving some officials of the Bureau of Immigration (BI).

Ignacio said, Lam remits only one percent of his earnings from his operations.

He also reported, PAGCOR does not approve of Lam’s online gambling business and that it has issued permits only for the tycoon’s casino, junket operations and phone betting.

Senator Sherwin Gatchalian asked Ignacio to provide him the amount that Lam earned from illegal gambling.

Ignacio could not produce the figure during the hearing but he promised to send it to the senator once he gets a verified figure.

Topics: Senate , Jack Lam , probe , gambling , PAGCOR , Ignacio , Gatchalian
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