Swiss Banks to Give Up Marcos Funds

A Swiss court has agreed to hand over to the Philippine government $260 million stashed in the bank accounts of the late president Ferdinand E. Marcos, a government lawyer said Friday.

The money, deposited in several Swiss banks by Marcos and other members of his family, has been frozen for more than three years as legal battles over the deposed president’s assets have been waged in several countries.

The Philippine government has charged that Marcos, who died in exile last year, amassed much of his wealth by stealing from government funds.

Guy Fontanet, a Swiss lawyer retained by the Philippine government, said Friday a Zurich court has finally ruled in favor of the Philippine authorities and that the $260 million will be returned to Manila “shortly.”