Ex-SEC exec in Legacy mess passes away

MANILA, Philippines – A former Securities and Exchange Commission (SEC) official who got embroiled in the so-called Legacy mess passed away Wednesday, a television report said. GMA News’ “24 Oras" said Jesus Martinez succumbed to massive pulmonary embolism at the Makati Medical Center Wednesday afternoon. His daugther, Nikki, confirmed this. The commissioner was earlier diagnosed to have colon cancer, the report said. Martinez was accused of receiving favors from Celso delos Angeles, the owner of the bankrupt Legacy Group, in exchange for some assistance to the embattled company. Caroline Hiñola, former chief executive officer of the Legacy Consolidated Plans Inc., the pre-need affiliate of the bankrupt Legacy Group, has accused Martinez of receiving bribes from De los Angeles. She told a Senate inquiry that Legacy bought a P5-million house and lot for Martinez, who supposedly gave the property later to his son. She also alleged that Martinez sold a Ford Expedition to De los Angeles. Martinez, former SEC board’s oversight committee in charge of the Non-Traditional Department (NTD), was forced to leave SEC ahead of his retirement due to the Legacy mess. He denied all the accusations against him. The commissioner, who was tasked to look after pre-need companies, left his post on the eve of his retirement day last March upon orders from President Gloria Macapagal Arroyo. - Aie Balagtas See, GMANews.TV