The Sandiganbayan sentenced former Davao del Norte Second District Rep. Antonio Floirendo to eight years in prison.
Just after the promulgation of the Sandigabanyan 6th Division in the case involving Floirendo, the former legislator was found guilty beyond reasonable doubt.
The case is about the venture agreement entered into by Tagum Agricultural Development Company Incorporated (TADECO) with the Bureau of Corrections (BuCor) for 5,000 hectares of land for the Davao Penal Colony.
The case and filed by his former longtime friend who became a political opponent Rep. Pantaleon Alvarez.
Floirendo is said to have benefited from pledging 5,000 hectares of government land to TADECO which was allegedly not beneficial to the government.
TADECO is owned by Florendo’s family.
It appears that the agreement entered into a conflict of interest and a broken anomaly because it happened when Floirendo was still the sitting congressman while he was also the chairman of the company when the joint venture renewal took place in 2003.
Floirendo’s family company entered into a joint venture agreement to pledge BuCor penal land for banana plantation on July 11, 1969.
It was renewed on May 21, 2003 and BuCor was promised an annual production share of P26,541,809 with an automatic increase of 10 percent every five years.
But Alvarez said the government loses P106,167,191 per year due to the agreement.