Related topics

Marcos May Sue To Recover Wealth

December 5, 1998

MANILA, Philippines (AP) _ The widow of dictator Ferdinand Marcos plans to sue her husband’s former associates to force them to turn over wealth he allegedly entrusted to them, a Manila newspaper reported Saturday.

Imelda Marcos and her lawyers are planning to recover up to $25.3 billion in equity in more than 100 top Philippine corporations allegedly entrusted to Marcos’ associates, the Philippine Daily Inquirer said.

Mrs. Marcos and her lawyers were unavailable to comment on the report, but a source close to her confirmed her plans to sue her husband’s former ``cronies.″

Mrs. Marcos claims the money used by Marcos’ associates to acquire majority stakes in Philippine companies came from the family’s ``legitimate earnings,″ the report said.

The government has said Marcos illegally enriched himself during his 20-year administration. It claims Marcos’ wealth, including about $570 million in his Swiss deposits now held in an escrow account in a Philippine bank.

His Swiss accounts are also being claimed by 9,539 Filipinos who won a class action suit for human rights violations against the Marcos estate and were awarded $2 billion in damages.

Marcos was ousted in a popular revolt in 1986 and died in exile in Hawaii three years later. He denied any wrongdoing.

Update hourly