Thursday, March 5, 2009

Celso de los Angeles--sacrificial lamb?

Will Celso de los Angeles, the alleged chief architect of this monstrosity called Legacy Bank scam be sacrificed by his own syndicate members? It seems like it.

Two former executives of Boy Sese just went public today, further implicated the alleged "financial genius" as the "chief mastermind" behind the 14 billion peso financial scam.

Philip Reccio of the PEP Coalition says they have more ex-Legacy members who'll go public and expose Delos Angeles.

Some of these Legacy members blame Boy Sese for the mess and a certain "Butch". This "Butch" is said to be very close to Boy Sese. He reportedly headed the Dynamic Bank system, which closed shop like all other Legacy banks.

Butch is the key to the scam, some of my sources say.

This Butch owns huge tracts of land in Batangas, Laguna and Cavite, which were reportedly acquired using Legacy deposits. These lands were registered under his and Boy Sese's names, not with the bank's.

There are other properties which Butch and Boy Sese reportedly managed to put under their names last year.

Likewise, we heard that Cong. Ed Zialcita is not just a silent investor but a very active one. One of the PEP Coalition members told NPR that Zialcita reportedly served as Boy Sese's "protector" when the Rural Bank of Paranaque launched their double their money scheme. Zialcita also allegedly bridged some connections with the BSP.

With the emergence of these witnesses, some surmise that government officials behind this big syndicate which has Boy Sese as their poster boy, are willing to make a sacrificial lamb out of Boy Sese.

Some of these officials, retired generals and cops, want Boy Sese's head served on a platter. There are reports that a group of armed assassins have been deployed to abduct Boy Sese and squeeze information out of him.

This explains why Boy Sese has been out of the limelight since last week. First, reports say, he's calling up his contacts, asking them what's the way out and disposing of his properties before the State confiscates them and put his other companies under receivership and second, buffering his security.

But, do you know what I think? I think that nothing important will happen after this. Boy Sese will survive this, with his billions intact. It's just the way it is here in the Philippines.

3 comments:

  1. If you dig deeper in the Legacy group
    scandal. You will see a lot of high
    profile political figures involve
    in the case.

    Why was Celso de los Angeles allowed
    to steal from his company ? Have
    they heard something like Auditing ?

    ReplyDelete
  2. yes, they manipulated their auditing procedures to hide those withdrawals that they did from the Legacy Plan trust and pension funds.

    ReplyDelete
  3. Looks like you know a lot about Celso de Los Angeles, but do you know he is the current President of Balikatan Housing Finance. To be President of Balikatan he must have a big stake with this corporation. Do you know how much did Celso invested with Balikatan whose return of investment could be 300 to 400% considering what Balikatan is involve into. Hope your source can give us some enlightenment because the people have to know where the legacy's missing billions could be located for possible claims. Thank you Sir, in behalf of the scam victims .

    Joe Lory
    Simi Valley, CA

    ReplyDelete

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