World | Philippines
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
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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