Politics · Philippines Bureau
Duterte retained GenCorp in wealth statement despite unclear ownership stake
A witness at Vice President Sara Duterte's impeachment trial testified that the food company GenCorp Industries Inc. remained listed in her financial disclosures because of its significant value to her business portfolio. The revelation raises questions about the former Philippine leader's asset reporting practices.
LSN Philippines ·
MANILA — Testimony at Vice President Sara Duterte's ongoing impeachment proceedings has shed light on why GenCorp Industries Inc. continued to appear in her Statement of Assets, Liabilities and Net Worth (SALN) filings, despite questions about her formal connection to the company.
A witness identified as Cabrera told the impeachment court that Duterte maintained GenCorp on her annual wealth statements because the firm represented a significant financial interest she could not afford to exclude from disclosure. The food company's continued inclusion in her SALN reflected its value within her broader business holdings, according to testimony presented during trial proceedings.
The case underscores ongoing scrutiny of how Philippine officials report their financial interests. GenCorp's listing in Duterte's disclosures has drawn attention partly because corporate records do not list her as an incorporator, creating a discrepancy between formal ownership documentation and the assets she declared to government authorities.
Duterte faces multiple impeachment complaints, with questions about her finances forming part of broader allegations examined during the trial. The GenCorp matter represents one of several asset-related questions raised by lawmakers and investigators examining her declared business interests and their origins.