Swiss Set Date on Marcos Wealth
Dec. 17, 1997
ZURICH, Switzerland (AP) _ Switzerland has given the Philippines until March 25 to formally agree to terms for the return of more than $500 million in assets linked to late dictator Ferdinand Marcos.
The Swiss government told the Philippine embassy in Bern on Monday it must decide whether it accepts or rejects the conditions, Swiss justice ministry spokesman Folco Galli said Tuesday.
The money would be placed in an escrow account, and released to the Philippines only if it wins a criminal conviction after a trial against Marcos' widow, Imelda, in connection with the funds.
The Swiss also say the Philippines must keep them informed about the proceedings and the treatment of claims filed by victims of human rights abuses under the Marcos regime.
The Swiss Supreme Court last week cleared the way for the transfer of the Marcos' funds back to the Philippines after an 11-year legal tug-of-war between Swiss banks, the Manila government, the Marcos family and other claimants.