Extortion triggered Legacy collapse?

THE pre-need firm Legacy Consolidated Plans Inc. was a victim of “regulatory harassment and extortion” by officials of the Bangko Sentral ng Pilipinas which resulted in its failure to pay its plan holders and eventually led to the closure of its 13 rural banks last December, owner Celso de los Angeles yesterday told the Senate investigation on the pre-need industry.

De los Angeles told Sen. Francis Escudero, chair of the committee on banks and financial institutions, that BSP examination department head Efren Reyes, brother of former BSP deputy governor Albert Reyes, when pressed for payment of a P1.4 million loan in 2000, instead sent the bank a notification for special audit.

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