THE head of the troubled Legacy Group yesterday asked officials to let him reopen his closed businesses to pay back the P14 billion he owes his creditors.

?Personally, I have nothing left to pay back the depositors and plan holders except for the P250,000 [in bank insurance per depositor],? Celso de los Angeles told the House committee on banks and intermediaries.

?But if the committee, the [central bank] and other regulators would allow it, I intend to reopen my business so that I can find possible investors that would invest just so I can pay back everyone,? said De los Angeles, who is also mayor of Albay.

The central bank closed down 13 rural banks and more than 30 pre-need firms under the Legacy group in December for insolvency resulting from poor business practices.

?So you want to victimize more people?? Cagayan de Oro Rep. Rufus Rodriguez told De los Angeles.

?Why don?t you sell your yacht and mansions, luxury cars and other real estate just so you could raise funds to pay the victims??

?My yacht would only fetch P10 million,? De los Angeles replied, but added he wanted the boat turned over to the courts for an ?orderly disposition and distribution.? Christine F. Herrera