This statement comes after reports that have linked his name with the politician.
In a statement issued through the Divina Law legal firm, businessman Philip Laude addressed the recent reports of him allegedly having a joint venture with Rep. Edvic Yap, who was at that time still a private individual.
Laude’s camp stated, “We categorically and unequivocally deny any insinuation that Philip Laude has ever been involved in any illegal activity, whether by himself or in collaboration with any other person.“
They reiterated that he is private businessman with a long-standing record of “lawful and legitimate enterprise” and has never “engaged in, participated in, benefited from, or facilitated any illegal transaction, scheme, or activity-directly or indirectly.”
“It must be clearly emphasized that no corporation was ever formed involving Mr. Laude and Edvic Yap,” the statement continued.
According to his camp, Laude and Yap met prior to the latter’s election as the representative for the ACT-CIS party-list in the lower chamber of the House.
“Prior to Mr. Yap’s election to public office, Mr. Yap merely invited Mr. Laude to consider investing in a proposed joint venture. This discussion was preliminary and exploratory and never ripened into a formal partnership, corporation, or other juridical entity,” it further read.
Their camp, however, confirmed thar in connection with this proposed joint venture, a bank account was opened at a time when Yap was still a private individual, “well before his election as congressman.”
“The opening of the account was lawful and undertaken solely in contemplation of a potential private business venture,” with the project not having progressed beyond that, as the firm told, “the joint venture was never implemented, no business operations were commenced, and no government project, procurement, or transaction was ever pursued or undertaken.“
“Upon Mr. Yap’s election to public office, the contemplated venture did not proceed, and the bank account was closed, precisely to avoid any issue, misinterpretation, or appearance of impropriety,” it continued.
Laude’s legal team also said that any attempt to link Mr. Laude to alleged irregularities or controversies involving public officeholders is “factually baseless and misleading,” explaining that a “mere invitation to invest-and preparatory steps taken before any individual assumed public office-do not constitute wrongdoing, illegality, or impropriety.”
“Mr. Laude reserves all his rights under the law. He remains fully committed to transparency, lawful business practices, and the protection of his good name and reputation,” the statement ended.
On Saturday, the businessman’s wife, socialite and content creator Small Laude also released the statement through her official account.