Several Legacy investors open to settlement

MANILA, Philippines - Several investors of the troubled Legacy Group of Companies expressed willingness to forge a possible settlement on the criminal charges they filed against Legacy owner Celso de los Angeles and other company executives.

At least 12 Legacy investors, led by Francisco Obsenares who supposedly lost some P200 million, are open to a settlement, which could lead to the withdrawal of their complaint against De los Angeles and the other executives that victimized hundreds of investors and pre-need plan holders.

Aside from Obsenares, other complainants include: Ramon Suarez and Indian nationals Narain Ladharam, Sanjay Mahibubani, Haresh Vasandani, Haresh Manwani, Rocky Manwani, Shanker Ramchandani, Sita Ramchandani, Pran Ramchandani, Asha Shamdasani and Kamlesh Shamdashani.

“We cannot discount the possibility of a settlement. If there’s an offer and it is allowed by the (investigating) panel, that would still be money for them (clients). That can be explored,” said Joel Ferrer, lawyer of some of the victims.

Ferrer told reporters during the first hearing of the preliminary investigation of the Legacy case at the Department of Justice that his clients are not amenable to the reported offer of De los Angeles, who is also the incumbent mayor of Sto. Domingo, Albay, to plead guilty on the charges on condition that his family and other respondents would be dropped from the complaints as respondents.

“We can’t allow that because that will bring down our case to simple estafa, which is bailable. At this point, my clients want him jailed after realizing the scope of their scheme, and their interest in recovering the money is only secondary,” he explained.

Justice Secretary Raul Gonzalez earlier confirmed that De los Angeles had sought a compromise agreement with the government on complaints against him and other officials of Legacy.

Gonzalez said De los Angeles sent his offer for a plea-bargain deal through an emissary that met him last week.

He said the emissary told him that De los Angeles is willing to “accept all the blame and plead guilty provided that rest of respondents, especially his family, will be dropped.”