By Kit Bagaipo
The Bohol Chronicle
Money claims of Boholano investors against the bankrupt pre-need firm Legacy Group could reach up to P150 million.
This was bared by the legal counsel of the Bohol Investors Group, Atty. Salvador Grupo, as insolvency claims against the pre-need companies of Legacy will be filed on Monday, April 20.
Grupo originally set the deadline for investors to submit their claims today but decided to extend it five more days as the number of claimants has reached 300.
The Bohol Investors Group has also requested a meeting with Legacy owner Celso delos Angeles before filing its notice claims at the Makati Regional Trial Court Branch 56 next week.
According to Grupo, the local investors will be intervening in the insolvency proceedings in court as a group, not as individuals.
With investments ranging from P200,000 to P2 million, the total consolidated claims of the group handled by Grupo could reach roughly P150 million.
There are other investors who opted to personally submit their investment claims at the Makati RTC.
Boholano investors were among those victimized by Legacy Group's promise of huge returns.
The Pilipino Rural Bank-Tagbilaran Branch which closed down last December also victimized hundreds of Boholanos who were lured by the high interest rate offers of the bank.
Some 14,000 Boholanos are said to be depositors of the rural bank which is an affiliate of the Legacy Group.
The Philippine Deposit Insurance Corporation (PDIC) is currently processing insured deposit claims from the rural bank's clients.
Showing posts with label the financial crunch. Show all posts
Showing posts with label the financial crunch. Show all posts
Wednesday, April 15, 2009
Sunday, March 8, 2009
PRBank depositors have to wait until March 18
By Kit Bagaipo
Inquirer Visayas Bureau
First Posted 06:46:00 03/09/2009
Filed Under: Banking, Legacy banking group
TAGBILARAN CITY—Depositors of the closed Pilipino Rural Bank (PRBank) whose insurance claims are not yet processed by the Philippine Deposit Insurance Corp. (PDIC) will again have to wait until March 18.
The deposit insurer ended on Friday its initial claims servicing operations but hundreds of depositors were unable to get their insurance claims.
Although the PDIC representatives did not reveal the number of claims already paid, they admitted that not all regular savings accounts with deposit balances of P100,000 and below were serviced.
The PRBank Tagbilaran had over 14,000 clients when the bank shut down last Dec. 12, following the collapse of its affiliate rural banks across the country belonging to the Legacy Group.
In an advisory, the PDIC said they would start distributing numbered claim forms at the premises of PRBank on March 18 for depositors with regular savings accounts, time deposits, special savings accounts and current/demand deposits.
The date on the claim form should correspond to a particular filing date, the advisory said.
Depositors are required to personally file their claims except those who are below 7 years old.
According to the PDIC advisory, claims they receive will be processed through its home office in Manila. Valid claims will be paid through registered mail to the depositor’s address indicated in the claim form.
No fees are charged for the processing and payment of all deposit insurance claims, the PDIC reminds depositors of the closed rural bank.
Inquirer Visayas Bureau
First Posted 06:46:00 03/09/2009
Filed Under: Banking, Legacy banking group
TAGBILARAN CITY—Depositors of the closed Pilipino Rural Bank (PRBank) whose insurance claims are not yet processed by the Philippine Deposit Insurance Corp. (PDIC) will again have to wait until March 18.
The deposit insurer ended on Friday its initial claims servicing operations but hundreds of depositors were unable to get their insurance claims.
Although the PDIC representatives did not reveal the number of claims already paid, they admitted that not all regular savings accounts with deposit balances of P100,000 and below were serviced.
The PRBank Tagbilaran had over 14,000 clients when the bank shut down last Dec. 12, following the collapse of its affiliate rural banks across the country belonging to the Legacy Group.
In an advisory, the PDIC said they would start distributing numbered claim forms at the premises of PRBank on March 18 for depositors with regular savings accounts, time deposits, special savings accounts and current/demand deposits.
The date on the claim form should correspond to a particular filing date, the advisory said.
Depositors are required to personally file their claims except those who are below 7 years old.
According to the PDIC advisory, claims they receive will be processed through its home office in Manila. Valid claims will be paid through registered mail to the depositor’s address indicated in the claim form.
No fees are charged for the processing and payment of all deposit insurance claims, the PDIC reminds depositors of the closed rural bank.
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