Palace orders SEC to hasten action on Legacy

THE Palace yesterday directed the Securities and Exchange Commission (SEC) to act with dispatch on the case against bankrupt Legacy Holdings and to make sure that all who have contributions in it, especially the police and Armed Forces, will be paid back to prevent destabilization.

Executive Secretary Eduardo Ermita said during his regular Wednesday press conference at the New Executive Building, that he has given instructions to the SEC chairman and another SEC member to speed up payments to the contributors of Legacy, particularly the police and Armed Forces, to prevent any disturbance as a result of their demoralization over losing their hard-earned earnings invested into the company.

Earlier, Senate President Juan Ponce Enrile asked Malacañang to make sure that policemen and army personnel who have poured their “hard earned money” into Legacy be paid at once otherwise they might create disturbance from their demoralization over losing these funds.

Last Tuesday, Press Secretary Cerge Remonde said the Palace has ordered the SEC and other authorities concerned to fasttrack payments of these contributions to Legacy.

On whether Malacañang has also stepped into the case of Prudential Life, a pre need company that the SEC ordered closed, Ermita said he is not very knowledgeable about Prudential Life and will just get full report about the issue from SEC.

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