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SEC exec in Legacy mess barred from leaving RP


MANILA, Philippines - The Bureau of Immigration (BI) on Tuesday issued a hold departure order against Jesus Martinez, the Securities and Exchange Commission (SEC) official implicated in the irregularities surrounding Legacy Consolidated Plans Inc. (LCPI). The order was issued upon the orders of Justice Secretary Raul Gonzalez and in connection with the ongoing Senate investigation on the pre-need industry, particularly on the Legacy controversy. “Under Senate Resolution Nos. 848, 849 and 854, in order to prevent the flight of the subject outside the country and in order not to frustrate the ends of justice, we hereby order the inclusion of the name Jesus Enrique G. Martinez, in the Bureau’s Hold Departure List effective immediately,” the order read. Martinez, who oversees the SEC Non-traditional Securities and Instruments Department that has direct supervision over pre-need companies, is accused of helping LCPI when it had problems renewing its dealership license in 2008 due to some deficiencies. Martinez had since denied the allegations thrown at him. He was however ordered to go on leave by Malacañang pending the results of the investigation. SEC, for its part, has asked Martinez to come out with an official statement on allegations that he received gifts from the Legacy Group SEC chairperson Fe Barin said that the Commission en banc, sans Martinez, has come out with a memo compelling Martinez to reply to the issue even if his term as a commissioner expires next week. "This is to give him a chance to clarify his name... (and) depending on his submission, the SEC will decide (whether to conduct) an investigation or not," said Barin.- GMANews.TV
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