Raul Lambino, the administrator of the Cagayan Financial Zone Authority (CEZA) — the special economic zone that licenses cryptocurrency exchanges
Raul Lambino, the administrator of the Cagayan Financial Zone Authority (CEZA) — the special economic zone that licenses cryptocurrency exchanges working within the Philippines — has come beneath hearth for allegations of corruption.
On Feb. 20, The Manila Times printed a narrative citing purportedly leaked from the Philippine Nationwide Intelligence Coordinating Company (NICA). The outlet claims that Lambino has unexplained wealth within the tens of thousands and thousands of {dollars}. In keeping with the NICA report:
“It’s now the overall perception of many from Pangasinan, particularly amongst provincial political leaders, that Lambino is essentially the most liquid and moneyed authorities official within the province.”
Lambino allegedly misappropriated thousands and thousands from crypto firms
Lambino allegedly prices every cryptocurrency firm making use of to function beneath CEZA $100,000 for principal licensing charges plus an utility price of $100,000. Nevertheless, the intelligence report purports that Lambino data having solely $3,000 within the receipt for these charges, suggesting that he’s embezzling the opposite $97,000.
With 25 cryptocurrency firms working inside Lambino’s CEZA administration, the report means that the administrator has pocketed at the very least $4.eight million in utility and licensing charges alone.
The report additionally claims that many firms have gifted 10% of their capital inventory to deprave CEZA officers.
CEZA sources allegedly devoted to electing Lambino’s household
The NICA report purportedly claims that crypto and gaming firms pay Lambino a weekly stipend, contributing to Lambino’s illegitimate revenue of $98,000 every week that’s earnt by “numerous schemes.”
Lambino has allegedly funneled the equal of tens of hundreds of {dollars} into the electoral campaigns of his relations, and CEZA contracted employees to work on the campaigns. Within the Philippines’ 2019 midterm elections, Lambino’s son Mark was elected as provincial vice governor, whereas his spouse Marilyn gained as mayor of Mangaldan.
The report alleges that a lot of the campaigns’ funding was offered by Chinese language buyers with gaming or cryptocurrency pursuits.
Lambino can be accused of squandering his division’s treasury, with the report claiming that Lambino disbursed $36.Four million in beforehand unused and unprogrammed funds inside 12 months of taking workplace. By July 2018, solely $2.7 million remained.
Corrupt crypto regulator catches the journey bug
NICA’s report asserts that Lambino has traveled overseas 22 instances inside a 12 months, violating a ban on international journey for Philippine authorities officers. “Luxurious travels for the CEZA prime administration and their platoon of safety personnel have turn into the norm,” the report states.
The CEZA administrator seems to now be making ready to bid for the Philippine congress in 2022, with NICA speculating that he might really feel his time at CEZA is numbered:
“Surprisingly, his motion grew to become bolder in current months for fundraising regardless of the pronouncement of PRRD (President Rodrigo Roa Duterte) in opposition to corrupt authorities officers. Apparently he might be sensing that he can be changed anytime.”
The report asserts that Lambino has distributed tv units and groceries as presents to residents of the province of Pangasinan to safe help from voters.