Switzerland Hands Over $16 Million in Marcos Funds
Switzerland has returned to the Philippines $16 million from Swiss bank accounts controlled by the late Philippine President Ferdinand E. Marcos, Swiss Radio reported Friday.
The radio quoted Moritz Leuenberger, a lawyer representing the Philippines, as saying the money represents between 4% and 5% of the Marcos funds that have been frozen in Switzerland.
Leuenberger could not be reached immediately for comment, and there were no details on the repatriation of the funds.
Manila is seeking about $100 billion in damages from the Marcos family and its associates, whom it has charged with plundering the Philippines’ wealth.
Marcos’s widow, Imelda, his heirs and the trusts that administered the funds have been waging legal battles to prevent repatriation of seized funds. Switzerland earlier handed over about $2 million.
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