Another SEC official 'helped' Legacy group, report says

MANILA, Philippines - Jesus Martinez, an official of the Securities and Exchange Commission (SEC), wasn’t the only alleged “protector" of Celso de los Angeles, who owns the now-shuttered Legacy Group of Companies. Another SEC commissioner also “helped" de los Angeles, reportedly allowing him to keep his rural banks running, Parents Enabling Parents (PEP) Coalition president Philip Piccio said in a radio report. However, he refused to identify the official. Piccio said he is still awaiting additional documents in the form of vouchers that would prove Martinez wasn’t the only one colluding with the Legacy Group. Martinez’s name surfaced in the controversy after former Legacy chief operating officer Carolina Hiñola said De los Angeles, a mayor of Sto. Domingo town in Albay, instructed her to meet with the commissioner on February 14, 2006. Another pre-need company is already on the verge of crumbling, Piccio added, leaving it up to the SEC to reveal the company’s name. Earlier, the Palace warned Martinez may forfeiting his retirement pay if proven that he colluded with the owner of the bankrupt company. On the eve of his March 12 retirement, Martinez went on a leave of absence after President Gloria Macapagal Arroyo advised him to do so. The embattled SEC official was replaced by deputy executive secretary Manuel Gaite. Next: Pre-need planholders prepare countersuit against Yuchengco Group Pre-need planholders prepare countersuit against Yuchengco Group The PEP president also said that the P51-million damage suit hurled against him and his group by the Yuchengco group was a form of “bullying." The group’s members are prepared to face the lawsuit, Piccio said, adding that they are preparing to file an P8 billion countersuit against the Yuchengco group, which previously owned Pacific Plans. PEP’s countersuit would involve claims of 34,000 Pacific Plan customers demanding the return of their investments. PEP, composed of a group of plan holders, was the same coalition that convinced Hiñola and another Legacy official – Namnama Santos – to come out in the open and testify against De los Angeles for the latter’s allegedly anomalous scheme. De los Angeles along with other Legacy officials are already facing at least six cases of syndicated estafa, three of which were filed by the Banko Sentral ng Pilipinas (BSP). The latest complaint against Legacy officials was filed by Senator Manuel Roxas II and six plan holders. De los Angeles is said to be accountable for over P1.817 billion worth of deposits and investments that he reportedly siphoned off three of 12 banks already shuttered by the central bank. - GMANews.TV