The Sandiganbayan Fifth Division has issued a writ of preliminary attachment against 16 properties of former lawmaker Zaldy Co to secure over P215 million in potential civil liabilities from alleged graft and malversation in a flood control project in Naujan, Oriental Mindoro. The decision was promulgated on March 4, 2026, and made public on March 9. Co faces the charges and has been declared a fugitive after leaving the Philippines before the Ombudsman filed the case in November 2025.
On March 4, 2026, the Sandiganbayan Fifth Division issued a decision granting the prosecution's ex parte motion for a writ of preliminary attachment against the properties of Elizaldy 'Zaldy' Salcedo Co. The order aims to secure PHP 215,331,394.47 in civil liabilities arising from the alleged fraudulent disbursement of public funds in a P289.4 million flood control project in Naujan, Oriental Mindoro.
The court found 'sufficient grounds' for the motion, citing the urgent need to attach Co's assets to prevent dissipation, as he could hide or sell them. For instance, during a hearing on February 11, 2026, the prosecution requested the exclusion of a Makati property that had been sold in July 2025. The court noted: 'Indeed, during the hearing on February 11, 2026, the prosecution requested for the exclusion of the property... considering that the same had already been sold sometime in July 2025.'
The attachment covers 16 properties: eight parcels and condominium units in Pasig City, four in Makati City, three in Quezon City, and one in Lipa City, Batangas. These are registered in Co's name or jointly with his spouse, Mylene, and will be placed under court custody pending the case.
Co, a resigned lawmaker, left the Philippines three months before the Office of the Ombudsman filed graft and malversation charges against him in November 2025. His passport has been cancelled, and the Sandiganbayan has declared him a fugitive. He is among several co-accused in the case related to the Department of Public Works and Highways project.
