EVEN with the death of the top man of the defunct Legacy Group of Companies, the civil cases filed against the people behind the company will continue.
Bangko Sentral ng Pilipinas (BSP) Deputy Governor Juan De Zuñiga Jr., the central bank’s general counsel, affirmed earlier this week that civil cases involving claims against the cohorts of Celso de los Angeles will go on.
De Los Angeles, who suffered from throat cancer, was reported to have died Tuesday morning at the St. Luke’s Hospital in Quezon City.
The Legacy Group owned 13 rural banks that were ordered closed by the BSP in the late 2008 for allegedly engaging in fraudulent activities.
The banks were accused of encouraging people to deposit money by offering interest rates way above market average, and of stealing the money.
The banks made it appear that deposits were used to extend loans but turned out to be fictitious.
The Philippine Deposit Insurance Corp. (PDIC), which shouldered the payment of deposit claims by the banks’ clients, also filed several cases against the Legacy Group and its officials, including De Los Angeles.
But lawyer Inocencio dela Cerna who represents Legacy told Cebu Daily News that the case against de los Angeles will be eventually dismissed following his death.
“I am currently securing the death certificate of de los Angeles and the other necessary documents to be filed so that my client’s case would be dismissed,” said Dela Cerna./ UP Intern Peter L. Romanillos