Former Philippine leader gets life for corruption |
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Published
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Wed, 12 Sep 2007 02:58
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MANILA (ThomsonFinancial) - Deposed Philippine president Joseph Estrada was found guilty Wednesday of massive corruption and ordered to spend the rest of his life in prison.The anti-corruption court in Manila ordered that Estrada be placed under house arrest until further notice. It acquitted the 70-year-old former movie star of a lesser charge of perjury.The verdict in Estrada's 4-billion-peso corruption case is being closely watched in the stock market.Estrada's supporters are expected to hold street demonstrations in several parts of the Philippine capital today and the military and the police are on full alert for possible violence.The Philippine currency, the peso, strengthened after the verdict was announced with the dollar last fetching 46.89 pesos against 47.12 late Tuesday.The Philippine stock market opened higher, with the composite index last up 0.4 percent at 3,281.afp/cl-clCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Philippine military on high alert ahead of Estrada verdict 