04 Jan '14, 3pm

PCGG welcomes Singapore court decision on Marcos' Swiss funds

PCGG welcomes Singapore court decision on Marcos' Swiss funds

PNB WINS. The Philippine National Bank gets the legal title to former President Ferdinand Marcos' ill-gotten wealth. File photo by AFP. MANILA, Philippines – The Presidential Commission on Good Government (PCGG) on Saturday, January 4, welcomed the move of Singapore's top court to grant Philippine National Bank (PNB) legal title to former President Ferdinand Marcos' Swiss funds. “The PCGG views the Singapore decision in a positive light. While the Court ruled that PNB has legal title to the account, PNB holds the monies in its capacity as a trustee for the republic pursuant to an escrow agreement with the government," PCGG chairman Andres Bautista said. The decision comes 10 years after a German bank in Singapore sought the country's Court of Appeals to decide on the rightful owner of the funds – a total of US$30.1 million. PNB is one of 4 claimants to Marcos' Swiss funds,...

Full article: http://www.rappler.com/nation/47220-pcgg-welcomes-singapo...

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