Guardo, who ran but lost to congressman-elect in the May 10 elections, was arrested late Thursday afternoon by NBI 7 elements who were armed with a warrant of arrest issued by a Regional Trial Court in Manila.
The case against businessman Guardo was filed by the Philippine Sports Commission last year after he failed to liquidate the P10 million financial assistance granted by the national government to the Cebu Southeast Asian Games Organizing Committee he headed during the 23rd SEA Games in 2005.
The money was supposed to be used for the improvement of the sports facilities in Cebu City, Mandaue City and Danao City, which served as one of the satellite venues of the SEA Games.
The Commission on Audit has asked Guardo to liquidate the expenses during the SEA Games but Guardo failed to do so hence the PSC demanded he return of the P10 million.
In an interview Friday, Guardo said he is confident that he will be victorious in the case and added that his arrest has something to do with politics, although he did not mention any names.
Guardo insisted that he did not pocket even a single centavo of the funds entrusted to him, but it was really spent for the operation of the SEA Games in Cebu.
Guardo led the opposition party and ran for Congress against Cebu City Mayor Osmeña. The conduct of the campaign did not go smooth as both parties exchanged accusations against each other.
Guardo was set to post bail for his temporary liberty Friday.
Judo Introduction: Paralympic Judo, Australian National Judo Championships, Judo at the 2005 Southeast Asian Games, Ernest John Harrison
2005 in Vietnam: 2005 Afc Futsal 2005 in Singapore: Singapore at the 2005 Southeast Asian Games, World Cyber Games 2005, 117th Ioc Session,
Sport in Manila: De La Salle Green Archers, Feu Tamaraws, Ust Growling Tigers, San Beda Red Lions, Letran Knights, 2005 Southeast Asian Games
Nations at the 2005 Southeast Asian Games: Singapore at the 2005 Southeast Asian Games, Vietnam at the 2005 Southeast Asian Games
Southeast Asian Games: Singapore at the 2007 Southeast Asian Games, Cycling at the 2005 Southeast Asian Games
