Swiss Banks Forced To Unblock Marcos Money
The Swissinfo news service reported last week that the Swiss authorities have
been forced to unblock accounts containing $17 million (SFr 25.6 million) linked
to the late Philippines dictator, Ferdinand Marcos. The accounts, in the name of Geronimo Velasco, Marcos' nephew and secretary,
were blocked shortly after the dictator was toppled in a bloodless revolt in
1986. However, according to Zurich prosecutor, Dieter Jann, the Swiss government
no longer has 'a legal basis on which to block these accounts,' because legal
action in the Philippines is taking too long. Swissinfo reported that a similar situation occurred last summer, and Mr Jann
was obliged to release some $13 million from an account in the name of wealthy
industrialist, Eduardo Cojuangco. Although $10 millon in assets belonging to Marcos family members and friends
remains frozen in Swiss bank accounts, this represents a drop in the ocean,
by all accounts, as the government of the Philippines is so far thought to have
recovered just $2 billion of the estimated $5-10 billion misappropriated by
Marcos during his 20 year reign. .
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