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OFFICIAL SAYS
PCGG recovers last known Marcos stash

Money in a trust fund with Landbank

By Philip Tubeza
Philippine Daily Inquirer
First Posted 16:38:00 03/31/2009

Filed Under: Graft & Corruption

MANILA, Philippines--The government recently received the last known Marcos ill-gotten wealth, worth $8.6 million, stashed in Switzerland, an official of the Presidential Commission on Good Government (PCGG) said on Tuesday.

According to PCGG Commissioner Jaime Bautista, the money is now in a trust fund with the Land Bank of the Philippines and would be turned over to the national treasury for the Comprehensive Agrarian Reform Program.

?It's now in a special account with the Land Bank. It will be delivered to the national treasury as soon as possible after some accounting and costs,? Bautista said.

?We cannot touch this account because it is in a trust fund. It will go directly to the national treasury,? he added.

The money came from the so-called GEI account of former Marcos business associate Ignacio B. Jimenez with the Adler bank, which had a balance of $8,641,755.00 as of September 2007.

The funds were turned over to the Philippine government after the Swiss Federal Supreme Court in December dismissed the appeal of GEI Inc., filed on behalf of Jimenez, to prevent the transfer of the GEI account to the PCGG.

Officials said the Swiss federal court's ruling was final and ?executory? and so the money was transferred to the Philippine government.

Jimenez is the husband of Fe Roa Gimenez, a former social secretary of Imelda Marcos.

While the GEI account was the last known stash of Marcos ill-gotten wealth in Switzerland, the PCGG is still looking for other hidden wealth of the late dictator Ferdinand Marcos and his family in that country, according to Bautista.



Copyright 2012 Philippine Daily Inquirer. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.



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