Filipino Govt to get Marcos money

MANILA, April 16: The Swiss Supreme Court has cleared the way for the transfer to Manila of more than half a billion dollars in Swiss bank a...

MANILA, April 16: The Swiss Supreme Court has cleared the way for the transfer to Manila of more than half a billion dollars in Swiss bank accounts belonging to the late dictator Ferdinand Marcos, an official has said yesterday.

Magtanggol Gunigundo, chairman of the Presidential Commission on Good Government, said the court ruled last week that the Philippine government gave sufficient guarantees it will comply with conditions set by the court in moving the money to an Escrow account in the Philippines.

The appeal came from several Liechtenstein- and Panama-based foundations that were set up by Marcos and control 540 million in two major Swiss banks.

The court in December ordered the transfer of about one-fifth of the Marcos deposits, then in January extended the ruling to cover the entire amount.It said it was against Swiss interests 8220;to serve as a safe haven8221; for flight capital or criminal proceeds, suggesting the Marcos money had dubious origins.

The Philippine Government claims the Swissdeposits are part of billions of dollars in ill-gotten wealth accumulated by Marcos during his 20-year presidency.

Gunigundo said he was unaware of any other obstacles to the transfer of the money to the Philippines.

The Swiss court says the money can only be released from the Escrow account to the government if it wins a criminal conviction against Marcos8217; widow, Imelda, in connection with the funds.

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The Philippine government also is required to protect the rights of the Marcos family in the trial, and inform the Swiss court on measures to compensate victims of human rights violations under Marcos.

In a separate court case in Hawaii, the Marcos Estate has been ordered to pay 2 billion in damages to 9,539 victims of human rights abuses who won a class action suit. The victims are claiming all of the Marcos swiss deposits.

Meanwhile, Swiss news agency SDA reported that the Marcos family had filed a new petition yesterday asking the federal court in Lausanne to open the entire case again from thebeginning.

High court officials said it was too early to comment on the petition before it had been studied but added that it had no staying power over the court8217;s decision to release the money.

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The petition was viewed sceptically by Zurich district prosecutor Peter Cosandey, who has handled the case of the Marcos fortune since it started.8220;I don8217;t think the petition for a rehearing has much of a chance,8221; Cosandey said, adding it would normally require a fully new set of facts to reopen a case.