Author Topic: Legacy Bank Scandal in Retrospect  (Read 1299 times)

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Legacy Bank Scandal in Retrospect
« on: March 29, 2012, 08:50:19 PM »
by PDI

In December 2008, the Bangko Sentral ng Pilipinas (BSP) shut down 13 rural banks under the Legacy Group of Companies for being insolvent and for engaging in unsound practices.

The banks, which had a combined P14.03 billion in insured deposits in 132,642 bank accounts, were placed under the receivership of Philippine Deposit Insurance Corp. (PDIC). The closure of the banks prompted the filing of a string of charges against Legacy group founder and owner Celso de los Angeles Jr. and other Legacy bank officials.

De los Angeles denied any wrongdoing and blamed interference by regulators, unfair media reporting, extortion and adverse global economic conditions for the closure of the rural banks.

On Jan. 5, 2009, the BSP filed 49 counts of falsification of public documents against 16 officers, employees and agents of several Legacy banks who allegedly forged documents to support fictitious loans. The BSP said the “loans” were not really applied for by real borrowers but were siphoned off for the personal gain of bank officials.

On Feb. 6, the BSP filed 116 counts of falsification of public documents against 18 officers, employees and agents of four Legacy banks.
On Feb. 11, the Bureau of Immigration barred De los Angeles from leaving the country.

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