WEDNESDAY |MARCH 26, 2008| PHILIPPINES

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S’pore rejects RP appeal
for $25M Marcos assets


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

 


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