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Singapore rejects Philippine appeal for Marcos funds

The Singapore high court has blocked an appeal by the Philippine government to reclaim $25 million in assets amassed by former dictator Ferdinand Marcos.

  • Agencies
  • Published: 08:10 March 25, 2008
  • Gulf News

Singapore: The Singapore high court has blocked an appeal by the Philippine government to reclaim $25 million in assets amassed by former dictator Ferdinand Marcos.

Court documents showed on Tuesday that the Court of Appeal upheld a High Court decision that the Philippine government must prove it owns the assets.

The funds, which are part of about $658 million that Marcos held in various Swiss bank accounts, are held in a Singapore branch of Germany's WestLB.

The funds have rival claimants including victims of human rights abuses, four foundations and a corporation.

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