Guzman Acain announced the closure of its anti-money laundering case at the Regional Trial Court of Manila. The lead counsel Atty. Alex Acain said in a post on social media that the RTC of Manila ruled in his client’s favor and the Court unfroze the bank account.
Guzman Acain represented a client whose bank account at Banco De Oro (BDO) was ordered frozen by the Court after the Anti-Money Laundering Council linked the account to an illegal drugs trade. After due notices and court hearings, the Anti-Money laundering Court lifted the Provisional Asset Preservation Order (PAPO) which was previously issued on the bank account as there is no evidence that it was used in unlawful activity.