Forfeiture order for Zaldy Co's air assets could take time; government covers hangar and maintenance fees

Due to continuing legal procedures surrounding property rights, the Independent Commission for Infrastructure (ICI) has acknowledged that the forfeiture order pertaining to the air assets of former congressman Zaldy Co may take longer to implement than anticipated, according to a report by RH Jecelle Ricafort.

According to Atty. Renato "Aboy" Paraiso, a member of the ICI Technical Working Group (TWG), the procedure cannot continue without a formal court order. Consequently, it is not possible to return two helicopters and a private jet that are now located outside the nation to the Philippines. The Gulfstream jet, reportedly in Malaysia and Singapore, as well as two AgustaWestland helicopters, remain frozen but unrepatriated.

Paraiso said the delay has increased the government's costs since it is now covering hangar and maintenance fees to preserve the aircraft while the legal process continues. The chairman of the ICI Technical Working Group stated that Co's total frozen assets are currently valued at about P5 billion.

The alleged flood control issue, which has brought numerous high-value assets under scrutiny, is linked to the investigation. Previously, Vince Dizon, Secretary of the Department of Public Works and Highways (DPWH), disclosed that there was an attempt to de-register three helicopters connected to Co, reportedly to facilitate their sale, but the attempt was unsuccessful.

In addition to air assets, the commission is reviewing Co's cryptocurrency holdings, watercraft, and artwork. His land vehicles are now under the custody of the independent commission in Taguig City.