LEGACY owner Celso de los Angeles, his son Martin Nicolo and 19 other Legacy officials and employees facing syndicated estafa charge filed by the Philippine Deposit Insurance Corp. (PDIC) are now barred from leaving the country.
This after the Department of Justice (DOJ) issued a hold departure order on April 17 against them pending resolution of the charge that said officials siphoned depositors’ money from Legacy-affiliated banks nationwide.
In a statement, PDIC President Jose C. Nograles said the state-run deposit insurer’s legal affairs sector continues to investigate the Legacy-affiliated banks and gather evidence for subsequent cases to be filed.
“The hold departure order was based on the syndicated estafa charge filed by the PDIC alleging that delos Angeles among others conspired to siphon off funds of Rural Bank of Carmen in Cebu solicited from the public by way of deposits through fictitious or simulated loans,” he added.
PDIC had filed with the Justice department another request for issuance of a hold departure order against de los Angeles among others on the Nation Bank – Hacienda Busay case.
De los Angeles created 39 fictitious loans amounting to P16.85 million in the Legacy-affiliated bank under receivership of the PDIC, diverting the proceeds to his son and to other Legacy related corporations.
“The 39 fictitious loans were erased from the books of Rural Bank of Carmen after de los Angeles himself purchased the fictitious/simulated loans in consideration for the Calanggaman property, a 9.8 hectare island located in Calanggaman, Tinabilan, Palompon, Leyte. De los Angeles later assigned the Calanggaman property and Rural Bank of Carmen was made to appear to have sold the Calanggaman property to EDIFICE Realty and Development Corp. for P32 million payable in 15 years,” the statement read.
Citing records from the Securities and Exchange Commission, PDIC said EDIFICE is 99 percent owned by Resource Providers and Manpower Services, Inc. while the remaining one percent is owned by de los Angeles and his family. Resource Providers and Manpower Services, Inc. is 98.94 percent owned by de los Angeles and the remaining 1.06% by his son and nominee lawyers.
De Los Angeles, his wife and son, along with seven other Legacy Group officers allegedly conspired to misappropriate Nation Bank’s funds using a farmland in Negros Occidental known as the Hacienda Busay through fictitious or simulated loans. Nation Bank is one of the 12 Legacy-affiliated banks placed under PDIC receivership in December 2008.
His wife is one of the incorporators of Hacienda Busay, Inc. while Martin Nicolo is the majority owner of CGA Holdings Inc. which owns the majority shares of Hacienda Busay Inc.
Meanwhile, Deposit insurer Philippine Deposit Insurance Corp. on Monday said that it will soon be sending checks to some depositors of 12-affiliated banks of collapsed Legacy Group.
PDIC officials said the state-run insurer has validated more than 40,000 accounts out 135,000 accounts of the Legacy banks.
For those whose accounts have yet to be validated, PDIC said they will be receiving status letter to inform them of the process being undertaken for their claims.
PDIC has earlier said that it would be paying out claims of depositors from the Legacy Group by the end of April.
It had mailed checks for depositors of other closed banks in the past through registered mail, the insurer said.
Legacy banks have about 135,000 deposit accounts owned by an estimated 141,000 depositors.