Celso de los Angeles Jr., the beleguered Legacy Group owner and alleged architect of the 14 billion peso rural bank scandal is laughing himself all the way to the bank. After destroying the rural banking system, delos Angeles Jr. now is planning to file an insolvency case to avoid the State to get hold of his billions. This criminal genius, as one Congressman accused him of, is now again using the law as a refuge against those who want justice. For five years, he has prevented the Bangko Sentral ng Pilipinas (BSP) from instituting measures against him, allowing the mayor of Albay to continue offering the double your money scheme, leading to the sudden ballooning and subsequent siphoning off of billions of pesos from the banks to his personal cache.
What is so deplorable about this is the fact that the media is protecting this schemer. A source revealed that Celso delos Angeles Jr has retained the services of his old PR team to mitigate the effects of his pronouncements before the media. Celso, who is also known as "Boy Sese", has been heard bragging about his billions. He even told one that the government is sure to protect him from anything, even legal suits.
Let me also say here that the Philippine Deposit Insurance Commission (PDIC) has started giving insurance money to Legacy bank depositors. Meaning, the PDIC is now using public money to cover Celso delos Angeles Jr.
PDIC shouls stop paying up and instead, review the banks' records first before forking out public money. PDIC should first institute forfeiture proceedings against the properties of Celso delos Angeles Jr. and then, pay up Legacy depositors. That way, at least we feel that justice has been served.
So you think the depositors should be denied PDIC insurance benefits simply because the Philippine government allowed this man to violate the laws of the country for his personal benefit. It is not the fault of the depositors that the government is unable or unwilling to enforce the banking laws. But your approach does suggest that nobody should ever deposit money in any bank in the Philippines since PDIC may not meet their legal and moral obligations.
ReplyDeleteYes, for the meantime while PDIC and the government is reviewing which among those 130,000 deposit accounts are legit.
ReplyDeleteHi Anonymous,
ReplyDeleteMy proposal only applies to this case since it is very evident that there seems to be a conspiracy to defraud the PDIC by certain persons. This is not a blanket proposal. This is just to ensure everyone that PDIC, using public money, will undertake due diligence first, check if these deposits are legit.
Besides, what is so wrong with forfeiting wealth illegally obtained by the Legacy owner?