Philippines likely to get Marcos money back

The Philippines government is set to receive millions of francs deposited in Switzerland by associates of the late dictator Ferdinand Marcos.

This content was published on December 23, 2008 - 14:45

On Tuesday the Federal Criminal Court gave the green light for the remaining funds, worth SFr6 million ($5.5 million), to be returned to Manila.

However, Switzerland's supreme court still has the final say.

The deposit, made by a couple close to the Marcos clan, has been frozen in a Zurich bank since 1986. In 2006 the Philippines government submitted the necessary legal documents to secure the return of the money. The deposit would otherwise have been unfrozen at the end of 20 years.

The legal authorities in Zurich ordered the money to be paid to Manila in November 2007, but the company holding the account appealed the ruling.

That has now been rejected.

Marcos, who was overthrown in 1986 and died in 1989, is thought to have transferred $10 billion (SFr10.84 billion) to banks abroad during his time in power. Switzerland returned SFr683 million in 1986.

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