Press Release
March 10, 2009

Enrile insists erring SEC officials should resign

Senate president Juan Ponce Enrile today insisted that erring officials of the Securities and Exchange Commission (SEC) who failed to protect public investors against the alleged business malpractices of Legacy Group officials should be immediately fired by Malacanang.

In a radio interview, Enrile said he has asked his staff to draft a resolution that will manifest the position of the Senate urging Malacanang to immediately fire SEC officials who failed to perform their jobs in connection with the Legacy Group scandal. The resolution will be filed when Congress reopens after the Lenten break.

"In our proposed resolution, we will strongly ask Malacanang to immediately fire SEC officials who are incompetent and who are indifferent to their jobs of protecting the interest of the ordinary people from these business shenanigans such as what happened in this Legacy Group scandal," Enrile said.

He explained that the Senate will not hesitate to exercise its "oversight functions" over government agencies and pinpoint public officials "who are sleeping on the job."

During a Senate hearing on Monday, Enrile asked SEC Commissioner Jesus Martinez Jr. to resign from his post after two high-ranking officers of the Legacy Group tagged him as a protector of Legacy owner Celso de los Angeles.

Also last Monday, the Senate President directed SEC Chair Fe Barin, as well as other concerned government agencies, to cause the attachment of the properties and assets of Delos Angeles, including his P200-million house and lot in Alabang.

The Senate President said erring SEC officials should be terminated from their jobs and not merely asked to go on leave as suggested Press Secretary Cerge Remonde.

Remonde said earlier that Martinez should go on a leave of absence so that the separate investigations to be conducted by the SEC and the Office of the Ombudsman on the allegations of bribery against him can proceed unhampered.

Earlier, Enrile said he was disturbed by the statement of Barin who said that despite being linked to the Legacy firm's fund mess, Martinez may still have his term extended.

Barin said that while Martinez's term will be finished this week, he can stay in a holdover capacity if Malacañang does not name his replacement.

During the Senate hearing, Enrile told Barin that palliative measures against Legacy would no longer do, stressing the need for the group's assets to be secured by the SEC so that claimants against Legacy can draw from them in the future.

He said if Barin, Martinez, SEC Director Jose Aquino cannot do their job of regulating the industry and protecting the public, which is a mandate of the SEC, they should resign from their jobs.

During the radio interview this morning, Enrile said he would leave it to the discretion of Sen. Mar Roxas, chairman of the Senate Committee on Trade and Commerce, to make the necessary recommendations on how to prevent another Legacy Group fiasco.

"I am leaving it to Sen. Mar Roxas to make the committee report and make the necessary recommendations on what laws should be amended to see to it that this Legacy Group incident is not repeated," Enrile said.

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