Former Philippine leader jailed for life UPDATE2

Former Philippine leader jailed for life UPDATE2

	Published : Wed, 12 Sep 2007 05:25 By : Agencies Print this Story

MANILA (ThomsonFinancial) - Former Philippine president and movie star Joseph Estrada was found guilty of massive corruption on Wednesday and ordered to spend the rest of his life in prison.

Winding up a six-year trial that the 70-year-old had repeatedly insisted was politically motivated, a special anti-corruption court ruled he was guilty of plundering tens of millions of dollars in tax kickbacks and bribes.

The court confiscated 87 million dollars from bank accounts that had been frozen during the trial. Estrada slumped in his chair as the verdict sank in, and his lawyers quickly vowed to appeal.

'This is a special (court) division created to convict me,' he told reporters before being taken back to his luxurious compound, where he will be held under house arrest until further order from the court.

'Against the advice of my friends I submitted myself to the judiciary believing that the case would be tried on its merits,' he said.

The case against Estrada has marked a bitter chapter in Philippine politics that began when the onetime action hero was ousted from power in 2001, a move which led to violent protests in the streets.

Estrada has accused the business elite, his successor President Gloria Arroyo and the powerful Roman Catholic church of conspiring against him because of his populist platform.

He said on Tuesday he had twice rejected offers from Arroyo to clear his name in exchange for his voluntary departure from the Philippines.

The Arroyo government welcomed the verdict and said the 'rule of law' should prevail.

'We have a country to run, an economy to grow and a peace to win. We hope that this sad episode in our history will not permanently distract us from these goals,' Arroyo spokesman Ignacio Bunye said.

Peso, stocks strengthen

The Philippine currency, the peso, strengthened on the news. The dollar was last trading at 46.80 pesos compared with 47.12 late Tuesday. The Philippines Composite was up 1.2 percent at 3,307.

Outside the court hundreds of people stood in the rain waving flags and banners in support of the deposed leader, who remains hugely popular among much of the nation's disenfranchised.

'That is not the will of the poor. He is my president,' cried street vendor Loretta Barrias, 55, who had to be led away by colleagues to calm her down. 'He is the people's president, set him free!'

Estrada, who made his name in more than 100 movies over three decades, cultivated an image of the everyday man in jeans who spoke in fractured English and was a champion of the poor.

When he was elected in 1998, it was with the largest majority in Philippine presidential history.

But there was no immediate sign of any trouble on the streets Wednesday. When Estrada was ousted six years ago, thousands of people tried to lay siege to the presidential palace to reinstate him.

Arroyo declared a state of emergency and called in troops to quash what she later said was an uprising aimed at toppling the government. Four people died in that incident, while over 100 were arrested.

Things appeared to be calm on Wednesday, with thousands of troops on high alert and extra forces placed on standby in military bases around Manila to aid police if necessary.

Schools near the court were ordered closed, and Arroyo was advised by her security staff to remain in the palace.

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