REP. MIKEY ARROYO FAILED TO DECLARE P63.7 MILLION BEACHFRONT HOME IN SAN FRANCISCO, CALIFORNIA

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• published: 31 Aug 2009
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http://www.youtube.com/watch?v=4q0JKzpjh_o Watch these two parts videos and forward them to all your friends, relatives, associates and all living souls who will help us move to a better Philippines. SUBSCRIBE TO PINASWATCHER AND PINASWATCHERS September 1, 2009 http://www.manilatimes.net/national/2009/sept/01/yehey/top_stories/20090901top5.html VERA Files stands by its report on Arroyos By Vera Files The house at 1655 Beach Park Boulevard in Foster City, California, remains registered in the name of Angela Arroyo Montenegro, wife of President Gloria Arroyos son and Rep. Juan Miguel Mikey Arroyo of Pampanga, data from the San Mateo County assessors office show. As of Monday, the latest entry in the assessors office was dated April 2008 and shows Angela as the grantee of the property, which Mikey on Monday said he had already transferred to a company called Beach Way Park LLC as a way of explaining why the property did not appear in his 2007 and 2008 Statement of Assets, Liabilities and Network (SALN). LLC is short for Limited Liability Company. [The house] is registered under Beach Way Park LLC in which I am a shareholder and which I declared in my SALN, he said in reaction to the VERA Files report. The report had cited an entry in Mikeys 2008 statement of assets and liabilities in which he declared himself a shareholder in Beach Way Park, a company sharing the same address, Beach Park Boulevard, California, as his Foster City property. The San Mateo County Assessors Office, however, yielded no record of Beach Way Park or its ownership of the Foster City property, which the couple bought in 2006. Instead, the most recent transaction on record at the assessors office was between Indy Mac Bank and Angela coursed through the Mortgage Electronic Registration System in which the deed was reconveyed or returned to her, not to Beach Way Park. The transaction was recorded on April 15, 2008. An online search with the US and California Securities and Exchange Commissions and the State of Californias official website, including its database of LLCs or limited liability companies, also yielded no record of Beach Way Park LLC. Information on the State of Californias website is updated weekly and is current as of August 28, 2009. All about LLCs Although Mikey listed Beach Way Parks address as Beach Park Boulevard in California, lawyers consulted by VERA Files said that the Arroyos could have registered the company in another state. LLCs, or limited liabilities companies in the US are small businesses similar to single proprie­torships in the Philippines and can be set up even with just one person as shareholder. The limited liability company [LLC] is now the most common legal entity chosen by small business owners, according to the LLC Expert, a website specializing in the setting up of such companies. When you create an LLC, you take the first step in smart business protection planning. A properly formed limited liability company creates a legally enforceable layer of protection between you personally and your business. VERA Files Questions Mikey denied having been contacted by VERA Files. But VERA Files stands by its assertion that it repeatedly tried to contact him by text and calls on his two mobile phones. Although Mikey, President Gloria Arroyos eldest child, issued a statement refuting his nondeclaration of the Foster City property, he did not address the other points in the story, which needed explaining. Among the questions VERA Files sent to Mikey were: Why did he transfer his Redwood City condominium to Angela before selling it in 2005? Similarly, why did he transfer the Foster City property to Angela? Mikey and Angela sold their Redwood City condominium for $900,000 in September 2005. At the time, his mother, the President, was facing impeachment charges for the Hello, Garci controversy, the revelation through wiretapped conversations that Mrs. Arroyo called former Commissioner Virgilio Garci Garciliano of the Commission on Elections while votes for the 2004 presidential elections were being counted. http://www.gmanews.tv/story/171108/arroyo-sons-buy-luxury-us-homes-after-house-election Arroyo sons buy luxury US homes after House election VERA FILES 08/31/2009 | 09:12 AM Presidential son and Pampanga Rep. Juan Miguel Mikey" Arroyo has failed to declare in his Statement of Assets, Liabilities and Networth (SALN) for the last two years a $1.32 million or P63.7 million beachfront property in the San Francisco Bay Area in California, which he bought and then transferred to his wife Angela in 2006. Data from the San Mateo County assessors office show that Mikey transferred and registered the house under the name of his wife, Angela Arroyo Montenegro, in August 2006 in what is called an "interfamily transfer." READ MORE.....CLICK LINK