Monday, June 28, 2010

News update Marcos millions still hidden abroad: Philippines

MANILA, June 28, 2010 (AFP) – Millions of dollars stolen by the late deposed Philippine dictator Ferdinand Marcos are likely still hidden in bank accounts abroad, officials from a government watchdog said Monday.

But they warned that the political resurgence of the Marcos family may hinder efforts to recover more of the money allegedly plundered from state coffers during his two decades in power.

"Our Swiss and American lawyers are of the opinion that there are still a lot of accounts deposited in many countries," said Jaime Bautista, a member of a special commission tasked with recovering the Marcos wealth.

Bautista told reporters that the commission had to give more attention to tracing these accounts, warning that the deposits might be declared dormant and forfeited more than two decades after Marcos was toppled.

Disputes between the government and the Marcoses and their allies over about 200 billion pesos (4.3 billion dollars) are still tied up in court in cases that have dragged on for years.

Commission head Camilo Sabio said the body had recovered another 85.64 billion pesos in Marcos funds since its creation in 1986, with another 50 million pesos expected to be handed over soon.
Marco millions: A play
However the officials said the lack of a paper trail and the "dilatory tactics" employed by the Marcoses and their allies had prevented the commission from recovering more.