Press Release
May 23, 2009

ROXAS URGES SEC TO ENSURE LEGACY FUNDS NOT MISUSED

Liberal President Senator Mar Roxas today urged the Securities and Exchange Commission (SEC) to exercise extreme care in handling the Legacy funds deposited in trustee banks recently unfrozen by the Court of Appeals.

"Mahalagang siguruhin ng SEC na hindi na muli pang maaabuso ang mga pondong nakalaan para sa mga kawawang biktima ng Legacy," said the chairman of the Senate trade and commerce committee investigating the collapse of the Legacy group of companies and the current plight of the pre-need industry.

"Kailangang suriing mabuti ng SEC kung lehitimo ang claims na ipinasa ng mga planholders nang sa gayon ay iyon lamang mga totoong planholders ang makikinabang sa pondo ng Legacy," he also said.

The CA has lifted its freeze order on nine bank accounts of Legacy Consolidated Group of Companies from two banks worth over P200 million. The decision was based on the pleading of the Anti-Money Laundering Council that the firm's six accounts with Land Bank of the Philippines and three accounts in Metrobank were part of the trust fund of the Legacy pre-need companies based on the findings of the SEC.

The Land Bank accounts totaled P180,261,000 and $579,836 while the Metrobank accounts were worth P20,391,000.

"Ito na ang simula ng katarungang nararapat para sa mga planholders na niloko ni Celso de los Angeles at ang kanyang mga alipores," the Visayan senator said.

Roxas, along with six beleaguered Legacy planholders, has filed syndicated estafa charges against De los Angeles and other officers and directors of the Legacy group of pre-need companies. The Legacy owner is likewise facing a string of charges before the Department of Justice for violation of existing laws on securities and sound banking practices.

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