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By Francis Allan L. Angelo

 

A REPRESENTATIVE from the Legacy Group of Companies will arrive in Bacolod and Iloilo cities to confer with investors following the closure of 10 rural banks affiliated with the company.

 

An Iloilo City-based investor of Legacy, who asked to be identified only as Lady for the meantime, said an unnamed lawyer representing the company will arrive in Iloilo December 20.

 

Lady, who claimed to have invested more than P15 million in Legacy, said they are anxious to find out the real status of their investments after the rural banks were put under receivership of the Philippine Deposit Insurance Corporation (PDIC).

 

Lady said she and other investors have been trying to reach Mayor Celso delos Angeles of Sto. Domingo, Albay, who founded Legacy.

 

“We just want to be clarified if our investments are still there and if we can pull them out. Our group is trying to know if what will be the bargaining this Saturday. We are also asking the help of the government in this matter,” Lady said in a text message.

 

The investor said delos Angeles sent a text message to their vice president assuring them that their capital will be returned.

 

Lady also forwarded to The Daily Guardian a text message reportedly sent by delos Angeles to his investors in the country.

 

The mayor said the “global financial crisis and persecution from government regulators brought Legacy and its banks to its knees.”

 

Delos Angeles said he has divested his interest in Legacy after he won as mayor.

 

He added the investors’ money went to the bank clients and marketing program of the company and he should not be blamed for what happened.

 

“I will still work to ensure that you get your principal back over time,” delos Angeles said.

 

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