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Bank told to surrender FM’s ‘ill-gotten wealth’

Republika

The Sandiganbayan last week ordered Traders Royal Bank (now called Royal Traders Holding Co.) to turn over to the Philippine government numerous bank certificates amounting to some P367 million (or $5.4 million and PhP96 million) representing part of the “ill-gotten wealth” of the late dictator President Marcos.

The Sandiganbayan said TRB will also have to pay the 12 per cent per annum interest dating back to February 1993.


The anti-graft court said the certificates were among the voluminous financial documents recovered in the belongings of the Marcoses when they fled to Hawaii in February 1986.


The Sandiganbayan ruling was reportedly based on the earlier judgment of the US District Court of Hawaii in 1992 handing over said instruments to the Philippine government.


When PH treasury officials attempted to redeem the certificates in 1993, they were refused by TRB thus prompting a lengthy court case that was only recently.


The Presidential Commission on Good Government (PCGG) said that TRB was used by Marcos as a conduit bank for dollar salting, and in 1993 wrote the TRB to return the said bank certificates to the National Treasury.

Photo: Interaksyon


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