TWO OF THE nine notorious firms supposedly owned by the so-called flood control king and queen can no longer operate following the cancellation of the licenses of St. Timothy Construction Corp. and St. Gerrard Construction General Contractor and Development Corp.
The Securities and Exchange Commission (SEC), in a statement, said, the licenses of the firms of the controversial Pacifico (alias Curlee) and Cezarah Discaya (alias Sarah) had been revoked in view of a wrongful report on beneficial ownership and admission of involvement in the multibillion-peso flood control corruption scandal.
The SEC on Thursday said these firms had submitted false beneficial ownership information and were slapped with a P2-million penalty.
CONSPIRATORS BANNED
Their directors are also barred from holding positions, such as a director, trustee, or officer, in any corporation for five years.
Sarah claimed during a Senate hearing last September that she was the owner of St. Timothy and St. Gerrard firms.
However, the SEC said its records showed no name of Discaya in the declarations of St. Timothy from 2022 to September 2025. Records of St. Gerrard from 2022 to 2024 likewise showed no such name.
STOLEN ASSETS FROZEN
The Anti-Money Laundering Council (AMLC) meanwhile announced it has secured a new freeze order on the assets of a construction firm with the most number of “ghost” or non-existing flood control projects.
The AMLC stated that the latest freeze order was granted by the Court of Appeals (CA) on December 4, 2025.
The freeze order covers the assets of a private construction company “identified as having the greatest number of ghost flood control projects, along with entities and individuals linked to the construction firm,” said the antitrust-dirty money body.
WITHHELD INFORMATION
Interestingly, the AMLC did not identify the construction company but hinted at issuing more freeze orders in the coming days for the P3.9-B asset of gov’t officials in the flood control scandal.
To date, the combined amount of frozen assets tied to flood control projects has already breached the P4 billion mark.
The total amount covered by the freeze order is way too low as compared to the one trillion peso government losses as per admission of no less than Public Works Secretary Vince Dizon during a senate blue ribbon committee hearing.
SYMS, WAWAO BUILDERS
Among the top contractors under heavy scrutiny due to alleged involvement in “ghost” flood control projects in Bulacan were Wawao Builders and SYMS Construction, reported GMA news.
The anti-dirty money council said the latest freeze order “covers 280 bank accounts, 22 insurance policies, three securities accounts, and eight air assets.”
The AMLC said the CA found sufficient grounds to connect the frozen assets to possible violations of Republic Act No. 3019 or the Anti-Graft and Corrupt Practices Act as well as Malversation of Public Funds and Property under Article 217 of the Revised Penal Code.
“The filing of this petition for a freeze order underscores the AMLC’s firm commitment to recover every peso of public funds that may have been misused,” said AMLC Executive Director Matthew David.
ACCUMULATED ASSETS
The AMLC said that so far it has secured freeze orders covering 4,679 bank accounts, 283 insurance policies, 255 motor vehicles, 178 real properties, 16 e-wallet accounts, and three securities as the probe into the anomalous flood control projects continues.
The total value of the frozen assets has reached P13 billion, the antitrust-dirty money body.
The AMLC further said the amount of frozen assets is expected to increase “as the investigation deepens.”