SC affirms ruling on Marcos’ Arelma deposits-A A +A
Tuesday, April 1, 2014
MULTIMILLION-DOLLAR deposits which were illegally acquired by the late President Ferdinand Marcos should be returned to the government, the Supreme Court (SC) said, as it junked with finality the appeal of his family not to order the forfeiture.
In a resolution dated March 12, the SC Special Second Division said Marcos' wife, Ilocos Norte Representative Imelda Marcos and their son Senator Ferdinand "Bongbong" Marcos Jr. did not raise new arguments to convince it to reverse its April 25, 2012 ruling.
The $2-million fund was deposited at Merrill Lynch under the account of Arelma, Inc., a Panamanian company controlled by Marcos. The money has since grown to $40 million, according to the Presidential Commission on Good Government (PCGG).
PCGG Chairman Andres Bautista said they will try their best to transfer the funds from Bank of America, which bought Merrill Lynch in September 2008, to the National Treasury soon.
"While there are frustrating delays and obstacles in the course of our work, the Commission remains steadfast in its commitment to restore what was taken from the public coffers," he said.(Sunnex)