Legacy owner pleads not guilty to estafa

TACLOBAN CITY, Philippines - Businessman Celso de los Angeles, the alleged mastermind of the so-called Legacy fund scam, pleaded not guilty to multiple estafa cases filed against him before the Regional Trial Court Branch 12 in Ormoc City.

Carl Magsoling, the clerk of court at the Ormoc trial court, confirmed the plea made by De los Angeles during the arraignment.                                                                   

Presiding Judge Clinton Nuevo ordered the arrest of De los Angeles early this month.                                                                           

The court has allowed De los Angeles to be under hospital arrest for “humanitarian reasons” because he is suffering from fourth stage cancer of the throat.                                                                                                

He would be confined at the OSPA-Farmer’s Medical Center. Magsoling said Nuevo allowed hospital detention provided that De los Angeles will shoulder the expenses.

De los Angeles arrived at court from the hospital at around 9 a.m. accompanied by his lawyers.                        

De los Angeles faces a string of estafa cases, along with other officials of the Legacy Group of Companies, for misappropriating P487 million worth of petty deposits in the First Interstate Bank of Leyte.                                                                                                         

The BSP has placed 13 Legacy rural banks - which had a combined asset base of at least P14 billion - under receivership of the Philippine Deposit Insurance Corp. (PDCIC) for insolvency and engaging in unsafe banking practices.