Law firm denies involvement in money laundering probe

A prominent law firm yesterday denied its involvement in the ongoing investigation of the Rizal Commercial Banking Corp. (RCBC) on the $81-million money laundering controversy.

In a statement, Francis Lim, senior partner of the Angara, Abello, Concepcion, Regala and Cruz law offices (ACCRA), denied the reported allegation of lawyer Ferdinand Topacio that the law firm is involved in the internal investigation of RCBC to identify personnel involved in the moneylaundering scheme.

Lim said there is no truth to Topacio’s claim that his client, RCBC branch manager Maia Santos-Deguito, will not get fair treatment in the bank’s internal probe since RCBC president Lorenzo Tan is represented by the ACCRA law firm in the controversy and Macel Fernandez-Estavillo, head of the bank’s legal and regulatory affairs that is conducting the probe, used to be with the law firm.

“Attorney Topacio is so wrong as usual in his facts that we are not surprised. His reckless disregard for the truth and malicious statement gained some media mileage, which apparently was his only goal, but in the end it is his client who will be paying for his brand of legal practice,” read the statement.

“His point was that Atty. Estavillo is part of the investigation and that his client will not get a fair shake since Atty. Estavillo was with ACCRA before, without saying she left more than 15 years ago,” it added.

ACCRA explained RCBC’s internal investigation is headed by a board committee and supported by external auditors and counsels.

“ACCRA is not assisting the committee in any way in this endeavor. Neither is Atty. Macel Estavillo involved in the investigation,” it added.