Legacy owner told to settle obligations by selling properties

Posted at 02/10/2009 9:01 PM | Updated as of 02/10/2009 10:52 PM

One of the houses owned by Celso de los Angeles. (Photo sent by Sen. Manuel Roxas II)

It was a scene straight out of the TV show “Lifestyles of the Rich and Famous” when Sen. Mar Roxas showed pictures of Celso de los Angeles’ previously undisclosed assets and properties.

Roxas said the pictures came from a confidential source and were taken about a year and a half ago.

Among the properties ascribed to the legacy group owner was an Ayala Alabang Village house and lot worth P57 million.

Roxas showed a picture of a mansion in Cebu which boasts of a swimming pool. The Cebu mansion served as Legacy’s office there.

“Sa mga taga-Cebu, puntahan niyo na ito,” said Roxas while showing the picture.

The senator also showed a picture of a yacht originally called MV Legacy and moored at the Manila Yacht Club which has since been renamed Sto. Domingo in honor of the Albay town where de los Angeles is Mayor.

Aside from these de los Angeles reportedly owned not less than five luxury vehicles, which Roxas said would fetch anywhere between P7. 2 million to P10.4 million in the market today.

Roxas challenged delos angeles to commit his properties to pay off his obligations to planholders, despositors and other investors of his failed businesses.

“Ang mga ariarian mo talagang dapat habulin ng SEC (Securities and Exchange Commission), ng Bangko Sentral, ng PDIC (Philippine Deposit and Insurance Commission) pati na ako kasama nila kasi pangako ito sa mga bumili, sa mga nagtiwala sa iyong kumpanya,” said Roxas.

“That’s why nga po we wanted an early liquidation of assets para in order ang pagbabayad sa creditors,” answered de los Angeles.

But with as much as P10 billion in debts and tens of thousands of creditors going after him, it’s highly unlikely that de los Angeles’ mansions and luxury cars would be enough to settle his obligations.

Bangko sentral officials admitted during the hearing they got wind of Legacy’s questionable double your money scheme as early as 2005.

De los Angeles photographed while inside the house. (Photo sent by Sen. Manuel Roxas II)

But they never managed to stop it until legacy itself folded up.

Roxas suspects either the Bangko Sentral was just weak or de los Angeles enjoyed some strong backing by influential personalities.

When pressed by ABS-CBN News about Roxas’ challenge, de los Angeles insisted the Ayala Alabang house is now owned by his estranged wife as a result of their separation agreement though he still owns some of the cars and the yacht.

“Talagang wala na ako doon. I lived in Sto. Domingo for the past one and half years as mayor. Kaya di ho fair, kawawa naman yung ex-wife ko, we filed the petition nandun lahat yon,” said de los Angeles.

But the Bangko Sentral and the SEC have yet to file cases to attach the properties, meaning, de los Angeles can still dispose of them should he so decide.


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