RP lauds Swiss action on Marcos wealth

Thu, 07 Aug 2003, 00:00 WIB | Source: AP

PHILIPPINES: The Philippine government and victims of human
rights abuses under former president Ferdinand Marcos have lauded
Switzerland's decision to release millions of dollars that the
late dictator stashed in Swiss banks.

The Swiss Justice Ministry said on Tuesday the Philippines can
dispose of the Marcos assets, which were deposited in a frozen
account in 1998 and have since grown to about US$683 million.

Swiss and Philippine officials met in Zurich on Tuesday to
conclude the case following a July 15 ruling by the Philippine
Supreme Court that awarded the frozen deposits to Manila. The
court ruled that the Marcos family "failed to justify the lawful
nature of their acquisition" of the funds. --AP

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