Facts: On 4 April 2001, an Information for plunder was filed against former President Joseph Ejercito Estrada, together

with Jose Jinggoy Estrada, Charlie Atong Ang, Edward Serapio, Yolanda T. Ricaforte, Alma Alfaro, Eleuterio Tan, a.k.a. Eleuterio Ramos Tan or Mr. Uy, Jane Doe a.k.a. Delia Rajas, and John & Jane Does, for the crime of Plunder defined and penalized under R.A. No. 7080, as amended by Sec. 12 of R.A. No. 7659.

Issue: Whether or not the allegations in the information would constitute the crime of plunder as defined by R.A. No. 7080.

Whether or not accused JOSEPH EJERCITO ESTRADA, JOSE "Jinggoy" P. ESTRADA and ATTY. EDWARD S. SERAPIO are guilty of the offense charged in the Amended Information in relation to the accused.

Held: The accused was found guilty for the commission of plunder as defined by R.A. No. 7080 The Court found that Former Pres. Estrada took advantage of his official position, authority, relationship, connection and influence to unjustly enrich himself at the expense and to the damage and prejudice of the Filipino people and the Republic of the Philippines: a) by instructing, directing and ordering, for his personal gain and benefit, by way of receiving commission, the Government Service Insurance System (GSIS) through its President Mr. Federico Pascual and the Social Security System (SSS) through its President, Mr. Carlos Arellano, to purchase shares of stock Belle Corporation, as a consequence of which, during the period October 13 to 21, 1999 GSIS bought 351,878,000 shares of Belle Corporation and paid One Billion One Hundred Two Million Nine Hundred Sixty Five Thousand Six Hundred Seven Pesos And Fifty Centavos (P1,102,965,607.50) while SSS, on October 21, 1999, bought 249,679,000 shares at the value of P784,551,150.00 at an average price of P3.14/share [TSN, February 14, 2005, p.78] or a combined total of at least One Billion Eight Hundred Eight Seven Million Five Hundred Sixteen Thousand Seven Hundred Fifty Seven Pesos And Fifty Centavos (P1,887,516,757.50); b) by accepting and receiving, a commission in the amount of One Hundred Eighty Nine Million Seven Hundred Thousand Pesos [P189,700,000.00] as consideration for the purchase by GSIS and SSS of the shares of stock of Belle Corporation pursuant to his instructions which amount was deposited in the Equitable-PCI Bank S/A 016062501-5 under the account name "Jose Velarde" of which FPres. Estrada is the real and beneficial owner; c) by depriving the millions of members of GSIS and SSS of the use of public

funds in the amount of at least One Billion Eight Hundred Eight Seven Million Five Hundred Sixteen Thousand Seven Hundred Fifty Seven Pesos And Fifty Centavos (P1,887,516,757.50) for payment of their benefits in order that he can receive his commission of One Hundred Eighty Nine Million Seven Hundred Thousand Pesos (P189,700,000.00) which likewise constitute public funds for his personal benefit and enrichment thus causing damage and prejudice to the Filipino people and the Government. The elements of the crime of plunder, pursuant to RA 7080 and as laid down by the Supreme Court in the earlier case of Joseph Ejercito Estrada vs. Sandiganbayan (G.R. No. 148560, 19 November 2001), are as follows: (1) That the offender is a public officer who acts by himself or in connivance with members of his family, relatives by affinity or consanguinity, business associates, subordinates or other persons; (2) That he amassed, accumulated or acquired ill-gotten wealth through a combination or series of the following overt or criminal acts described in Section 1 (d) of R.A. No. 7080 as amended; and (3) That the aggregate amount or total value of the ill-gotten wealth amassed, accumulated or acquired is at least P50,000,000.00.

B. ) Accused Joseph Ejercito Estrada, Jose "Jinggoy" P. Estrada and Atty. Edward S. Serapio were found guilty of the offense charged in the Amended Information. The prosecution has established beyond reasonable doubt that FPres. Estrada directed and instructed Arellano and Pascual for SSS and GSIS respectively to buy Belle Shares. The denial of Former Pres. Estrada that he instructed Pascual and Arellano to buy Belle Shares cannot overcome the straightforward and direct testimony of Pascual and Arellano attesting to the persistent instructions given by Former Pres. Estrada which is replete with details. Mere denial by an accused, particularly when not properly corroborated or substantiated by clear and convincing evidence, cannot prevail over the testimony of credible witnesses who testify on affirmative matters. Denial, being in the nature of negative and self-serving evidence, is seldom given weight in law. Positive and forthright declarations of witnesses are often held to be worthier of credence than the self-serving denial of the accused. [People v. Quilang, 312 SCRA, 328, 329]

Under paragraph (c) of the Amended Information, accused Former Pres. Estrada was charged with the crime of plunder, for having willfully, unlawfully and criminally acquired, amassed or

accumulated and acquired ill-gotten wealth in the amount of P189,700,000.00 representing commissions or percentages by reason of the purchase of shares of stock of Belle Corporation by SSS and GSIS.

Held: