CEBU, Philippines - The Securities and Exchange Commission has asked the Bureau of Customs in Cebu to hold the motorcycle importation of the controversial Legacy Group of Companies owner Celso de los Angeles.
SEC general counsel Vernette Umali-Paco, in a letter to Cebu Customs district collector Ricardo Belmonte, said they have received information that a big number of motorcycles imported by the Legacy Motors Inc. have landed in Cebu City.
Legacy Motors, Inc. is one of the 49 listed companies owned by de los Angeles.
Paco asked Belmonte not only to hold the reported motorcycle shipment that has already arrived but any future importations as well.
“May we request you to issue a hold order not to allow the release of the shipment of motorcycles or any future shipments consigned to Legacy Motors, Inc,” Paco’s letter read.
Aside from Legacy Motors, Inc. the other members of the Legacy Group of Companies that the SEC has requested the BOC to put on the watch list include Legacy Consolidated Assets Holdings, Inc.; Legacy Card Inc.; Legacy Emergent Asset Management, Inc.; Onecard Company, Inc.; Galaxy Realty and Holdings, Inc.; Banco Rural de Bisayas Inc.; Philippine Countryside Rural Bank, Inc.; Pilipino Rural Bank, Inc.; Rural Bank of Kananga, Inc.; San Pablo City Development Bank; Rural Bank of Parañaque; Pilipino Rural Bank, Inc.; Masbate Rural Bank; Rural Bank of Calatagan,Inc.; Rural Bank of San Jose; Rural Bank of Carmen; Nation Bank; Rural Bank of Bais; Rural Bank of DARBCI, Inc.; Rural Bank of Polagui; Scholarship Plan, Philippines; Legacy Consolidated Plans, Inc.; All Asia Plans, Inc.; One Realty Corporation; Shining Armour Property, Inc.; Conventional Realty Corp.; RL Roa Realty and Development Corp.; Purcel Development Corporation; Edifice Realty and Development Corp.; C2MPV Realty Corp.; Calayucay Realty Corp.
Legacy’s mutual funds, investment, housing and lending companies were likewise included; Fusion Capital Corporation; Legacy GS Fund, Inc.; Legacy HY Fund, Inc.; Legacy TD Fund,Inc.; Resource Providers and Manpower Services, Inc.; CGA Holdings, Inc.; Purcel Trading Corporation; Purcel Manufacturing Corporation; United Farmers Sugar Corporation; Multi-Media Advertising, Inc.; Computer Technologies Systems, Inc.; White Water Leisure Corp.; Bagong Sinag Publications Inc.; Legacy Graphics and Design, Inc.; Valiant Security Agency and BA Security Agency Corporation.
Belmonte immediately alerted all concerned divisions of the BOC, which include the Entry Processing Unit, Enforcement Security Service, Customs Intelligence and Investigation Service and the Law Division. He ordered these divisions to take the appropriate action on the SEC request.
The SEC en banc earlier issued a cease and desist order against six of the 49 companies under the Legacy Group that include the Legacy Consolidated Plans, Inc.; Legacy Card, Inc’; Galaxy Realty and Holdings, Inc.; Shining Armour Property, Inc.; One Realty Corporation and One Card Company, Inc.
The February 26 order wants to ensure the preservation of the assets for the benefit of not only the plan holders and investors but to the creditors, stockholders and other claimants as well of the beleaguered companies of de los Angeles.
Several Rural Banks under the Legacy Group were also placed under the Philippine Deposit Insurance Corporation’s receivership program because they could no longer service their clients. Legacy’s financial woes were blamed on its mismanagement of funds.
The Senate has a pending investigation on the alleged Legacy scam that involved some of the officials of the government’s regulatory agencies. — Fred P. Languido/WAB(THE FREEMAN)