Daxim Lucas of the Philippine Daily Inquirer has come out with a good investigative report on the sordid mess that is The Legacy.
Lucas’ story implicates House Speaker Prospero Nograles. In the second part of the four-part series, the Inquirer said,
The Philippine Deposit Insurance Corp. (PDIC) started investigating what is now known as the Legacy Group rural banks four years ago during the term of then PDIC president Ricardo Tan.
Together with the central bank, PDIC initiated the probe of several Visayas-based rural banks that had aroused suspicion due to the rapid increase in their deposit levels and to reports of “sky-high” returns being promised to depositors or investors.
In the course of the probe, Tan recalled that he was asked out to dinner in 2005 by then House Majority Leader Prospero Nograles, through his “subaltern” George Regalado.
“To my surprise, when I got there [to Edsa Plaza Shangi-La Hotel], we were joined by Celso de los Angeles,” Tan said, referring to the alleged owner of several rural banks that PDIC was investigating for unsafe and unsound banking practices.