De los Angeleses can’t post bail once charged, prosecutor says

02/17/2009

The government prosecutor handling the complaint for syndicated estafa against the De los Angeles family-owned Legacy Group of Companies said the latter will not be entitled to bail if and when the Department of Justice (DoJ) finds probable cause to charge them.

“I am not saying that we have already found basis to charge them but under the rules, charges, if any, for falsification, are bailable, but charges for syndicated estafa are not,” State Prosecutor Emmanuel Velasco Jr. explained.

“They will be given the reglemantary 30-day period to reply to the charges,” he added.

A criminal complaint had been filed against the De los Angeles family last week before the DoJ by 12 complainants who claimed of having been swindled by the family of about P187 million.

In a 30-page complaint, the 12, through their lawyer, Joel Ferrer, said they paid roughly P150,000 in filing fees for the case which involve investments made by the complainants in nine “close” corporations, meaning the major shareholders and incorporators are the same.

The nine companies are Legacy Consolidated Asset Holdings Inc., Fusion Capital Corp., Conventional Realty Corp., Galaxy Realty and Holdings Inc., One Realty Corp. Shining Armor Property Inc., Legacy Card Inc., Legacy Consolidated Plans Inc. and Legacy Motors Inc.

Ferrer said reports reaching the DoJ suggest that the De los Angeles patriarch, Celso, “plans to put up a new corporation which will absorb all the assets of the other (De los Angeles) companies.“

The principal complainants in the case is Francisco Obsenares, who was joined by Ramon Suarez, Marian Ladharan, Sanjay Mahibubani, Haresh Vasandani, Haresh Manwani, Rocky Manwani, Shakner Ramchandani, Sita Ramchandani, Pran Ramchandani, Asha Shamdasani and Kamlesh Shamddashani.

Aside from Celso de los Angeles, named in the complaint are his wife, Ma. Concepcion, his son Nicolo Martin, his mother Purita and brother Victorino.

Also named in the complaint are Christine Limpin, Madeleine Cobarubbias, Norman Tiongson, Carolina Hiñola, Rita Maniacup, Basilio Ponciano Carpio and Ariel Isberto.

The complainants claimed they were enticed to invest in the Legacy companies through rural banks, particularly the Rural Bank of Parañaque (City). The banks were later closed by the Bangko Sentral ng Pilipinas due to unsound practices.

Of the P187 million, only half represents actual investments while the rest are overdue interests, they noted.

Benjamin B. Pulta

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