Swiss court reimposes wealth freeze

The Swiss Court of Appeals has reinstated the freeze order on the $16.5 million Swiss deposits of three Marcos cronies, giving the Presidential Commission on Good Government (PCGG) another chance to recover the funds believed stolen from the Filipino people.

The PCGG'S Swiss lawyer, Martin Kurer, in a one-page letter, informed Commissioner Ruben Carranza Jr. that the Zurich Appeals Court has granted the Philippine government's request for reinstatement of the freeze order. Kuerer said the Zurich court has ordered the Swiss bank (unidentified in the report) not to transfer the accounts.

"The defendants can oppose this ruling. However, it is in force and at the present time," Kurer wrote in a letter faxed to Carranza yesterday.

The PCGG appealed on Wednesday for the retention of the freeze order on the Swiss deposits of Geronimo Velasco, who maintains a $15-million Swiss account; Alfredo de Borja, $1 million; and Carmelita Clavecilla, $.5 million. Velasco was the energy minister of the late president Ferdinand Marcos.

Zurich district attorney Dieter Jann lifted the freeze order on the accounts in January because the cases against the cronies have not been moving in the Philippine courts.

PCGG chairman Haydee Yorac said earlier the commission has given the Zurich appellate court copies of the subpoenas issued by the Department of Justice to Velasco, de Borja and Clavecilla.