Swiss clears USD 5mn cash transfer to Philippines

24th December 2008, Comments 0 comments

Philippines can reclaim around USD 5 million in money linked to the late dictator Ferdinand Marcos and his entourage.

BELLINZONA – A Swiss court has cleared the way for the Philippines to reclaim around USD 5 million (CHF 5.4 million) in money linked to the late dictator Ferdinand Marcos and his entourage.

The Federal Criminal Court said Tuesday it rejected an attempt from an ex-Marcos aide trying to block the transfer of the cash.

Switzerland has returned hundreds of millions of dollars to the Philippines since Marcos' regime was ousted in a democratic revolution 22 years ago.

But some account holders close to Marcos' government have recovered assets in Swiss banks because they were never convicted of crimes in the Philippines.

Peter Bosshard, a lawyer for the unidentified account-holder in this case, said the decision would be appealed to Switzerland's highest court.

[AP / Expatica]

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