SINGAPORE. — Singapore’s highest court has blocked an
appeal by the Philippine government to reclaim $25 million in
assets allegedly amassed by former dictator Ferdinand Marcos,
court documents showed on Tuesday.
The funds, currently held in Singapore, have rival
claimants including victims of human rights abuses, four
foundations and a corporation, the court documents showed.
The Court of Appeals upheld a High Court decision that the
Philippines government must prove it owns the assets in the
face of rival claims.
The funds, which are part of about $658 million that Marcos
held in various Swiss bank accounts, are held in a Singapore
branch of Germany’s WestLB.
The Marcos family and its business partners were accused of
looting up to $10 billion from state coffers and faced up to
900 cases of corruption and other charges. But so far only
about $1.8 billion has been recovered. – Reuters