The Sandiganbayan has convicted Rep. Antonio Floirendo of graft over the deal between his family-owned Tagum Agricultural Development Co., Inc. and the Bureau of Corrections.
In a 23-page ruling, the anti-graft court that Floreindo’s continued ownership of 75,000 shares of Tadeco stock even after his election as Davao del Norte congressman constituted graft
The court cited “conflict of interest” in the joint venture agreement between Tadeco and BuCor in 2003 when Floirendo was a congressmam.
“Clearly, there is a need for a public officer to make a divestment of shareholdings or any pecuniary or financial interest once the possession of such pecuniary or financial interest becomes prohibited, regardless of whether or not a situation of conflict of interest has arisen,” Sandiganbayan said.
“The accused’s indirect pecuniary or financial interest in the 2003 agreement falls within the prohibition of the Constitution. Considering the foregoing, this court finds that the violations of Anti-Graft and Corrupt Practices law are present,” it added.
Floirendo’s graft case stemmed from the charge filed against him at the Ombudsman for violation the constitutional provision that bans government officials from having business interests in government projects.
On July 11, 1969, Floirendo’s family, through Tagum Agricultural Development Company entered into a deal to develop a banana plantation in 5,000 hectares of land owned by the Davao Penal Colony.
The deal was renewed for another 25 years on May 21, 2003.
At that time, Floirendo was a member of the House of Representatives.