February 2, 2002, AFP, Philippine government to challenge court ruling on Marcos Swiss funds,

February 2, 2002, AFP, Philippine government to challenge court ruling on Marcos Swiss funds, 
Saturday 5:07 PM

MANILA, Feb 2 (AFP) -

Philippine government agencies on Saturday said they intend to challenge a surprise court decision that rejected Manila's claim to 659.7 million dollars in funds allegedly salted away in Swiss banks by the late dictator Ferdinand Marcos.

The Presidential Commission on Good Government (PCGG), a special body tasked with recovering Marcos's stolen wealth and the Office of the Solicitor-General are readying a petition before the Supreme Court questioning the decision of the Sandiganbayan anti-graft court.

The government filed a civil suit in 1997 to confiscate the Swiss funds, alleging that while in power, Marcos stashed wealth stolen from state coffers in bogus foundations in Swiss banks.

However the Sandiganbayan ruled Friday that "there is no proof on the record that the money in escrow from the Swiss banks" are really owned by the Marcos family.

The Sandiganbayan said the PCGG failed to present "authenticated translations" of rulings of the Swiss Federal Supreme Court declaring that the money belonged to the Marcoses and that much of it was of "illegal provenance".

But PCGG Commissioner Jorge Sarmiento disputed this, saying that they had given to the anti-graft court the authenticated copies of the ruling of the Swiss Federal Supreme Court.

"We had already given it to them ... as far as I can recall, in 1991," he said.

"Those were authenticated copies that were given to the anti-graft court. Where are they?" he said.

Sarmiento said the anti-graft court's decision "further prolonged what was due to the Filipino people a long, long time ago."

Under the Sandiganbayan ruling the funds will revert to the Vibur, Avertina, Maler and Palmy foundations in whose names the bank accounts are kept.

Manila has alleged that these foundations were set up by Marcos to hide ownership of his stolen wealth.

The Presidential Commission on Good Government, an agency tasked with going after the Marcos wealth, has recovered 79 billion pesos (1.5 billion dollars) of Marcos money and assets, mostly through out of court settlements with his self-confessed dummies.

The deposits were transferred into a Manila escrow account by the Swiss Federal Supreme Court in 1997.

Under the escrow agreement with the Swiss judiciary, the bank deposits are to be released to the party that the Philippine courts declares to be the legal owners.

These funds make up the crown jewel of the fallen president's alleged 10 billion-dollar embezzled fortune which has been subject to 16 years of litigation.

Despite years of investigations, no Marcos relative or ally has been jailed for the massive corruption that took place under his regime.

Marcos fled to Hawaii in 1986 after a popular revolt toppled him from power. He died in exile in 1989 but his family has been allowed to return to this country where they have regained some measure of political power.