Raul Lambino, administrator of Cagayan Economic Zone Authority (CEZA), licensing regulator for cryptocurrency exchanges in the Philippines, was accused of corruption and misappropriation of millions.
Allegedly Lambino’s wealth has inexplicably grown with tens of millions of dollars.
A leaked report from the Philippine National Intelligence Coordinating Agency (NICA) says:
It is now the general belief of many from Pangasinan, especially among provincial political leaders, that Lambino is the most liquid and moneyed government official in the province.
Lambino is accused of misappropriating millions from cryptocurrency companies. Allegedly, he charges each company that applies for license under CEZA $100,00 fee along with application fee of $100,000. However, the records reflect only $3,000 in receipts, suggesting embezzlement of $97,000.
25 cryptocurrency companies operate under Lambino’s CEZA, which suggest that the administrator has misappropriated around $4.8 million, just in licensing and application fees alone.
The NICA report also suggest that many companies have given 10% of their capital stock to corrupt CEZA officials.
The report also claims that crypto and gaming companies pay Lambino weekly contributions. He has allegedly directed tens of thousands of dollars into electoral campaigns of his family members and directed CEZA staff to work on those campaigns. The administrator is also accused of squandering department money.
Moreover, the misconduct does not stop here. The report states that Lambino has travelled abroad 22 times within a year, which is in violation of the ban on foreign travel by Philippine government official.
Presently, Lambino appears to be preparing to bid for the Philippine congress in 2020.
The report speculates:
Surprisingly, his action became bolder in recent months for fundraising despite the pronouncement of PRRD (President Rodrigo Roa Duterte) against corrupt government officials. Apparently, he could be sensing that he will be replaced anytime.
I was also reported that Lambino has gifted television sets and groceries to citizens of Pangasinan to ensure support in the voting.