MANILA — A special panel of investigators from the Office of the Ombudsman alleged that billions of pesos in kickbacks from corruption-tainted flood control projects were funneled through holding companies owned by a close associate of former Speaker Martin Romualdez, according to a supplemental complaint-affidavit filed on July 20.
The 104-page complaint-affidavit accuses Romualdez, former Ako Bicol Rep. Elizaldy “Zaldy” Co, lawyer Jose Raulito Paras and several others of plunder, direct bribery, graft and money laundering. Assistant Ombudsman Eliseo DC Cruz certified the complaint, while Assistant Ombudsman Mico Clavano said the cases are now under preliminary investigation.
Investigators alleged that kickbacks from flood control projects between 2022 and 2025 amounted to 10% to 25% of each project’s value, citing state witness and former Public Works Undersecretary Roberto Bernardo. They said the cash was allegedly delivered in suitcases through aides or drivers.
The panel identified five holding companies allegedly linked to Paras—Golden Pheasant Holdings Corp., Clearspring Holdings Corp., Brightnews Corp., Braavos Holdings OPC and Valiant Consolidated Resources Inc.—as conduits for the alleged proceeds. Prosecutors said the firms received substantial capital despite reporting limited or no revenues.
Investigators also cited an Anti-Money Laundering Council report alleging that Romualdez and Paras used corporate entities to launder proceeds of corruption. They recommended filing plunder, graft, bribery and money laundering charges against Romualdez, while recommending plunder, graft and direct bribery charges against Co and money laundering charges against Paras.
Romualdez’s lawyer, Elaine Atienza, denied the allegations and said the former Speaker is prepared to face the complaints and is confident he will be cleared through the legal process. Neither Paras nor Co could immediately be reached for comment. The Court of Appeals earlier froze Romualdez’s assets, while the Sandiganbayan issued a precautionary hold departure order at the Ombudsman’s request.
