SC downgrades charges vs Delfin Lee to simple estafa

Metro Manila (CNN Philippines, July 31) — The Supreme Court (SC) downgraded the multibillion-peso housing loan syndicated estafa case against the president of a housing developer to estafa, allowing him to post bail, court spokesperson Theodore Te said Tuesday.

Delfin Lee, president of property developer Globe Asiatique, was involved in a P6.6-billion housing loan anomaly in 2014.

He faced syndicated estafa charges after his company used "ghost buyers" in obtaining Pag-IBIG or Home Development Mutual Fund (HDMF) loans. The funds were intended for Globe Asiatique's Xevera housing project in Pampanga.

The court voted 7-5-2 on the downgraded charge. With the ruling, Lee is now entitled to post bail, the SC said.

Estafa, under Article 315 of the Revised Penal Code, is a bailable offense.