Estrada's alleged bank accounts revealed

Estrada continues to deny any wrong doing

MANILA, Philippines -- Senators have opened the sealed envelope that sparked President Joseph Estrada's fall, revealing huge bank transactions that investigators allege he made under an alias.

Two senators took turns reading pages of bank records on live television, citing multimillion-dollar transactions -- including a $9.6 million withdrawal -- under the alias.

The records will go to the government Ombudsman, who is investigating Estrada for alleged economic plunder -- an offence punishable by death -- and for perjury, bribery and corruption.

	AUDIO
CNN's Atika Shubert spoke to deposed President Joseph Estrada 444KB/41 sec AIFF or WAV sound

The documents show credit totaling up to $66 million (3.3 billion pesos).

Estrada, who declared assets of only $700,000 (35 million pesos) in 1999, has denied any wrongdoing, and his supporters claim the documents vindicate him.

The documents were the same sealed papers which the Senate, acting as a court, voted not to open during Estrada's impeachment trial last month, igniting a "people power" revolt which toppled Estrada.

In the live television broadcast, Senate President Aquilino Pimentel ripped open a brown envelope containing documents from Equitable-PCI Bank, the country's third largest bank, as lawyers and journalists craned their necks to see.

The many aliases

The documents were from a savings and a current account held in the name 'Jose Velarde' -- the alias which prosecutors at the Senate trial said Estrada used to open a partner trust account with the same bank.

A bank vice president had testified she witnessed Estrada sign trust account documents using that name.

The last document pulled from the envelope was a letter from businessman Jaime Dichaves, dated August 1999, asking the bank to open the two Jose Velarde accounts. Dichaves is a businessman-friend of Estrada.

One of Estrada's sons, Joseph Victor Ejercito, pointed out that the documents did not name Estrada. The envelope contained a letter by businessman Jaime Dichaves asking an Equitable Bank branch to open an account in the name 'Jose Velarde' that Dichaves would control.

Ejercito said that proves that Dichaves, and not Estrada, owned the account.

"It will be very vital for our defense and I'm quite contented," Ejercito said. "The bottom line is that none of us took public money."

'Suspicious' letter

But Romeo Capulong, a prosecutor, alleged the letter by Dichaves, a friend of Estrada, was doctored to hide Estrada's ownership of the account.

"This letter is very, very suspicious and there are indications it has been inserted surreptitiously for the purpose of saving the neck of Mr. Estrada," he said, adding that investigators will try to scientifically determine if it was written before or after the account was opened.

The sealed envelope was a key in bringing down Estrada last month. On January 16, the Senate tribunal trying him on corruption charges barred prosecutors from opening it.

The prosecutors then walked out, saying the ruling showed they could not get a fair verdict.

He tried to quell demands for his resignation by agreeing to open the envelope, but left the Malacanang presidential palace on January 20 when the demonstrations continued. Then-Vice President Gloria Macapagal-Arroyo was sworn in to replace him.

Prosecutors in the ombudsman's office have said they believe Estrada amassed $200 million to $300 million in 15 accounts in 15 banks -- nearly all of those in the Philippines -- using at least six aliases.

The Associated Press & Reuters contributed to this report.

The Associated Press & Reuters contributed to this report.

See related sites about Asia

Note: Pages will open in a new browser window

External sites are not endorsed by CNN Interactive.