Banks to discuss Marcos funds<\/p>\n
ZURICH, Switzerland (AFP): The three sides feuding over
\nhundreds of millions of dollars stashed in Swiss banks by the
\nlate Philippine dictator Ferdinand Marcos meet next week in Hong
\nKong in a bid to resolve the dispute.<\/p>\n
The talks beginning Monday and scheduled to last five days
\nhave been called by the two banks involved, Credit Suisse and
\nSociete de Banque Suisse, whose Marcos accounts holding 500
\nmillion Swiss francs (US$435 million) were frozen by a Swiss
\ncourt nearly ten years ago.<\/p>\n
The banks are torn three ways by claims from the Philippines
\nauthorities, which claim the money was looted from the state by
\nMarcos during his 20-year reign, victims of torture and other
\nhuman rights abuse under the Marcos regime, and the dictator's
\nfamily.<\/p>\n
The Hong Kong meeting will be chaired by Chester Crocker,
\nformer U.S. assistant secretary of state for African affairs, who
\nwill act as mediator, but Credit Suisse spokesman Andre-Lou Sugar
\nsaid here it was impossible to predict what the result would be,
\nwith U.S., Swiss and Philippines courts all involved.<\/p>",
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"sponsor": "Okusi Associates",
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