Gov’t, HR victims lose claim on Marcos millions Singapore court awards $23M to PNB

SINGAPORE: Singapore’s High Court has ruled that the over $23 million seized from the estate of the late Philippine dictator Ferdinand Marcos rightfully belongs to the Philippine National Bank (PNB).

In a 77-page ruling obtained by Agence France-Presse on Thursday, Justice Andrew Ang dismissed the rival claims of the Philippine government, a group of human rights victims and five foundations believed to be Marcos fronts.

He ruled that the money—deposited in the Singapore branch of German bank WestLB— belongs to the now privatelyowned PNB.

“I am of the view that PNB holds legal title to the funds as trustee of the same,” Ang said in his judgment issued on Wednesday.

The funds, comprising $16.8 million and 4.2 million British pounds ($6.58 million),

were part of the allegedly illicit fortune that Marcos stashed away in various Swiss bank accounts.

Marcos ruled the Philippines from 1965 to 1986, and was overthrown by the first People Power Revolution. He died in exile in Hawaii in 1989.

He first governed as a democratically elected president, but declared martial law on September 21, 1972, using military force to crush dissent.

Marcos and a circle of relatives and cronies allegedly amassed a fortune of up to $10 billion through graft and rigged business deals, much of it stashed overseas.

In 1998, Swiss authorities released deposits in Swiss banks to PNB, which in turn transferred the money to various banks in Singapore, including WestLB, according to the ruling.

WestLB went to court in 2004 to determine the owner of the money after several groups staked claims.

Among the claimants was the Philippine government, which based its arguments on a 2003 ruling by the Supreme Court (SC) that the funds be forfeited in its favor.

But Ang ruled that the SC ruling could not be enforced in the city-state.

While he dismissed the claims of the human rights victims, the judge said that he sympathized with their plight but the court “must act in a principled manner when dealing with such questions of law.”

Despite numerous cases being filed in the Philippines, no member of the surviving Marcos family has been successfully prosecuted and they continue to live in luxury.

Marcos’ widow Imelda now represents the first district of Ilocos Norte province in the House of Representatives. Their daughter Maria Imelda or Imee is the governor of the province, while son Ferdinand Jr. or Bongbong is a senator. AFP