Press Release
February 10, 2009

ROXAS TO SEC, BSP: RUN AFTER DE LOS ANGELES PROPERTIES
DE LOS ANGELES USED SYSTEM TO ENRICH HIMSELF

Liberal President Senator Mar Roxas revealed today several personal properties of Legacy Group owner Celso de los Angeles that government regulators should run after and use to compensate plan holders and depositors of the Legacy group.

This, as the Chairman of the Senate Committee on Trade and Commerce lambasted de los Angeles for scheming and manipulating the system to enrich himself, at the expense of thousands of plan holders and depositors throughout the country.

"Hindi naman ang trust fund lamang ang maaaring pagkunan ng pambayad sa kanila (planholders). Kasama po riyan ang lahat ng ari-arian ng korporasyon. At sa tingin ko, lahat ng ari-arian mo, kahit personal, dahil ikaw ang nangako. (The trust fund isn't the sole source of payments for planholders. These includes all the assets of the corporation. And even including your personal assets, because you were the one who made those promises)," he told de los Angeles during the hearing.

"Mapapatunayan pagdating sa korte, at tutulungan ko po sila, na kasama ito sa isang grand fraudulent scheme. Kaya anumang kita na nanggagaling sa fraud, hindi na maisasantabi bilang personal na ari-arian (We will prove in court, and we'll help the planholders, that all of these assets are part of a grand fraudulent. Any income or property coming from fraud could not be set aside as 'personal' property)," he stressed.

Roxas belied the claim of de los Angeles that the trust fund could sufficiently answer for all the claims of planholders, saying that it was de los Angeles who "surrendered" in the first place by filing for corporate dissolution before SEC.

During the hearing, de los Angeles admitted that he owns several luxury properties after being shown pictures of the same by Roxas. These include:

  • A P57-million estate in Ayala, Alabang, which de los Angeles claims is now owned by his former wife as part of their separation agreement;

  • Several luxury cars that cost P8 million in total. These include a black and silver S-Class Mercedes Benz, a Porsche Boxter and a Mercedes Benz SLK sports car;

  • A yacht, M/V Legacy. The value of the same was not revealed;

  • An estate in Cebu, which doubles as Legacy's office there.

The Ilonggo senator said de los Angeles defrauded the public by offering "double-your-money" and other unreasonable financial schemes.

"Ipinangako mo ito na alam mong hindi mo matutugunan ang mga pangakong ito. Iyan ngayon ang panloloko sa tao (You promised these returns, knowing that you'll not be able to fulfill these. This is defrauding the people)," he said.

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