World News

Singapore rejects Philippine appeal for Marcos funds

SINGAPORE (Reuters) - Singapore’s highest court has blocked an appeal by the Philippine government to reclaim $25 million in assets allegedly amassed by former dictator Ferdinand Marcos, court documents showed on Tuesday.

The funds, currently held in Singapore, have rival claimants including victims of human rights abuses, four foundations and a corporation, the court documents showed.

The Court of Appeal upheld a High Court decision that the Philippines government must prove it owns the assets in the face of rival claims.

The funds, which are part of about $658 million that Marcos held in various Swiss bank accounts, are held in a Singapore branch of Germany’s WestLB.

The Marcos family and its business partners were accused of looting up to $10 billion from state coffers and faced up to 900 cases of corruption and other charges. But so far only about $1.8 billion has been recovered.

Marcos was ousted by an army-backed popular revolt in 1986, and died in exile in Hawaii in 1989.

His wife Imelda Marcos, famous for her huge shoe collection, was acquitted by a Philippine court earlier this month of 32 counts of illegally transferring money abroad because of insufficient evidence.