DOJ to slap Legacy owner, 2 others with estafa charges
09/11/2009 | 10:11 PM
The government will slap Celso de Los Angeles Jr. and two others with estafa charges on Monday before the Manila Regional Trial Court after the Department of Justice (DOJ) found basis on claims that the Legacy Group owner and his executives siphoned off huge amounts of funds from various firms under Legacy for personal use.
Acting Justice chief Agnes Devanadera said De Los Angeles, who is mayor of Sto. Domingo, Albay, Christine Limpin, and Edgardo Marasigan would be charged with 10 counts of estafa for alleged violation of Article 315 of the Revised Penal Code.
The DOJ absolved 17 other Legacy executives and personnel, including De los Angeles’ wife, Maria Concepcion, and son, Niccolo Martin.
“There was of course misappropriation of the funds. And that's the reason why they were not able to make good their obligations on due date," Devanadera told reporters on Friday.
The Legacy Group’s shuttered pre-need firms have P1.1 billion worth of unpaid obligations to about 50,000 plan holders.
Legacy group’s former chief finance officer Namnama Pasetes-Santos had testified during an earlier hearing that P38 million in company funds were supposedly used to bankroll De los Angeles’ mayoral bid in Sto. Domingo, Albay, during the 2007 elections.
The amount does not include other multimillion-peso funds under Legacy firms that De los Angeles allegedly misappropriated. De los Angeles, who is sick with throat cancer, has repeatedly belied any irregularities in his companies' financial transactions.
The Securities and Exchange Commission, tasked to regulate the operations of pre-need firms, was dragged in the fund mess after one of its commissioners, Jesus Martinez, was tagged in a Senate hearing as an alleged protector of De los Angeles.
Martinez died last May due to complications from cancer. - MARK D. MERUEÑAS with CARLO LORENZO, GMANews.TV
Acting Justice chief Agnes Devanadera said De Los Angeles, who is mayor of Sto. Domingo, Albay, Christine Limpin, and Edgardo Marasigan would be charged with 10 counts of estafa for alleged violation of Article 315 of the Revised Penal Code.
The DOJ absolved 17 other Legacy executives and personnel, including De los Angeles’ wife, Maria Concepcion, and son, Niccolo Martin.
“There was of course misappropriation of the funds. And that's the reason why they were not able to make good their obligations on due date," Devanadera told reporters on Friday.
The Legacy Group’s shuttered pre-need firms have P1.1 billion worth of unpaid obligations to about 50,000 plan holders.
Legacy group’s former chief finance officer Namnama Pasetes-Santos had testified during an earlier hearing that P38 million in company funds were supposedly used to bankroll De los Angeles’ mayoral bid in Sto. Domingo, Albay, during the 2007 elections.
The amount does not include other multimillion-peso funds under Legacy firms that De los Angeles allegedly misappropriated. De los Angeles, who is sick with throat cancer, has repeatedly belied any irregularities in his companies' financial transactions.
The Securities and Exchange Commission, tasked to regulate the operations of pre-need firms, was dragged in the fund mess after one of its commissioners, Jesus Martinez, was tagged in a Senate hearing as an alleged protector of De los Angeles.
Martinez died last May due to complications from cancer. - MARK D. MERUEÑAS with CARLO LORENZO, GMANews.TV
