Pau
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Re: Swiss Releases Marcos's $683M
« Reply #1 on: Aug 6th, 2003, 8:26pm » |
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Swiss want gov't to pay
Marcos victims -- PCGG
Posted: 1:06 AM (Manila Time) | Aug. 07, 2003
Inquirer News Service
Criminal cases
THE PHILIPPINE delegation led by Carranza and the Swiss team in Bern, Switzerland, also discussed the pending criminal cases against Imelda Marcos and her late husband's cronies, Carranza said.
Accounts worth about 356 million dollars were discovered and ordered frozen by the Swiss government shortly after Marcos was toppled in 1986. The Swiss funds were the largest amount recovered from the billions of dollars Marcos and his wife allegedly looted from state coffers during the 20-year Marcos rule. Marcos died in exile in Hawaii in 1989, three years after a popular revolt ended his rule.
In 1990 Switzerland's highest court, the Federal Tribunal, approved the handover of bank documents relating to the Marcos family, but ruled that the actual return of assets would be conditional on a "final and absolute" judgment in the Philippines.
The Swiss Supreme Court has ruled that the money can be released to the Philippine government if Imelda Marcos is criminally convicted in connection with the deposits and if victims of human rights violations during the Marcos regime are compensated.
The Marcos estate lost a class-action lawsuit for human rights violations to 9,539 Filipinos, who were awarded nearly two billion dollars in compensation by a US district court in Hawaii. None of them have received any money.
In 1997 the Swiss tribunal ruled that the funds were ill-gotten and approved their transfer to an escrow account at Philippine National Bank.
In 1998 the money, which had grown to 570 million dollars, was transferred to the escrow account of PNB, but the money was not physically moved to the Philippines. It was invested in London, Switzerland, Singapore, Hong Kong and the United States as none of the Philippine banks have an "AA" rating from Standard and Poor's.
Putting the money in banks with an "AA" rating, which means "nothing could go wrong with the investment," was a condition set by Swiss authorities.
Swiss authorities held back a portion of the money because it was linked to other government officials, including former ministers.
Switzerland later released 30 million dollars, saying Philippine authorities failed to provide evidence that they were still pursuing the individuals concerned.
The Swiss justice ministry said 10 million dollars remained frozen in Switzerland after 5.5 million dollars was transferred to the Philippine escrow account.
A Philippine court will have to issue a separate final ruling before the total of 15.5 million dollars can be handed over to the Philippine government, the ministry said.
"The Philippine judicial authorities will therefore have to issue a ruling on the confiscation of 15.5 million dollars in the names of persons associated with the Marcos case," the ministry statement said. With Inquirer wires and INQ7.net
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