IMELDA MARCOS FAILED ASSASSINATION ATTEMPT and THE DEATH OF NINOY AQUINO

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This video shows us the 1972 assassination attempt of Imelda Marcos.  Notice how many slashes and jabs this guy gets before he is shot and how many shots it takes for him to go down.  The would be assassin was Carlito  Dimahilig.  Marcos required 75 stitches.  

On July 1, 2010, President Benigno 'Noynoy' Aquino 3 served his first full day in office in the Philippines. The video posted here is in memory of and in tribute to the President's father. On August 21, 1983, opposition leader Benigno 'Ninoy' Aquino Jr. attempted to end a long exile and return to politics in the Philippines. An opponent of President Ferdinand Marcos since the late 1960's, Aquino felt it was time to challenge an aging and ailing Marcos again. This reporter was the last person to interview Aquino before he was gunned down by a bullet to the back of the head as he exited the airplane from Taipei at Manila airport. Aquino told me he was wearing a bullet proof vest and that he would not be 'paralyzed by inaction.' 'If my time has come - so be it.' Aquino told me. The video here, out of synch and of poor quality is an edit of my tapes of that day: the last few minutes in the life of Aquino. The Aquino story formed part of my reporting life in the 1980's. I later covered the 'Yellow Power Revolution' of the current President's mother Cory, a revolution which led to her ascendency to the Presidency less than three years after 'Ninoy's' death.

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A LETTER TO PRES CORY REGARDING MARCOS MASSIVE WEALTH

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The following is extracted from Eric A. San Juan's book "Marcos Legacy Revisited," courtesy of "Dirk."  The preamble and after word is by, author San Juan and the letter itself does exist and was circulated in the "market" soon after it was written.





Since the search for the so-called Marcos fortune began, the nation has been treated to all sorts of reports about cash being stashed in the banks of Switzerland, and gold bullion at Fort Knox, the Bank of England and many places in the Philippines. The diggings at Fort Santiago sanctioned by no less than President Aquino's national security adviser showed how much the government put its faith in the story of the hidden gold treasure.

The diggings have stopped but unknown to the public, a small group of men continues to operate at People's Television 4 station under the tutelage of Conrado Limcaoco Jr, for no higher purpose than to pursue leads about the Yamashita treasure with the assistance of Noel Soriano, the National Security Adviser of Cory Aquino.

In the last failed coup, military rebels claimed to have carted away from PTV-4 documents pertaining to this gold search. On the basis of these papers, the Rebolusyonaryong Alyansang Makabayan-Soldiers Of the Filipino People-Young Officers Union claimed that the Limcaoco group had recovered some gold and had gathered facts that lead them to believe the Yamashita treasure exists, but they appeared determined to hide this from the Filipino people.

Limcaoco denies the charges. But he does not deny the existence of his work and what he has been doing. He says that the group's task is to evaluate every bit of inforwhation that comes along, without prejudging it.

Most of what comes along is mind-boggling, but Limcaoco says he is not prepared to reject anything.

Based on the group's work, an October 10, 1989, Limcaoco's staff prepared the draft of a report to President Aquino, which proposes to tell all. Limcaoco says he never signed the letter, and that it was not sent at all. But even without the final signature and without it having been sent, the letter reads better than a story, whether factual or fictional.

The following is Limcaoco's letter to Mrs. Aquno:

FOR YOUR EYES ONLY

10 October 1989


CORAZON C. AQUINO
President of the Philippines
Malacanang, Manila

Dear Mrs. President,

I have never waivered in my commitment to serve you and our people over the past few years. Even in our bleakest moments, I was confident we would triumph -- and thus far, we have.

In the course of tracking down the right-wing military adventurists a task which is continuing, we have unearthed a story -- parts of which you may have heard before -- but which we feel deserves a serious second glance at this particular historical conjuncture. I ask you to please read through this report personally and not show or pass it on to other officials of this govemment until we have had the chance to meet, should you feel such a meeting is necessary after going through this. Please suspend your judgment and disbelief and know that this report was written after much in-depth intelligence work and soul-searching on my part.


I. Background/Premises

Our work thus far supports the contention that the Yamashita treasure does exist and appears to be the basis for the Marcos' hidden wealth. What has been recovered and sequestered to date is not even the tip of the proverbial iceberg.

Over 90% of the worlds legal and illegal gold production were in Asia at the outbreak of World War II. Why? History will tell us why. From the galleon trade where spices and silk were traded for gold and other precious metals to the days before World War II when the Europeans, fearing a war in the West, moved their gold to their Asian colonies and former colonies for safekeeping. Thus, England moved their gold to Malaysia, Singapore, Hong Kong and Australia -France to Vietnam, and so forth. The rest you know. The Japanese brought the gold here and had to leave it here as they retreated in defeat

From 1967 to 1973, Cipirino Garcia Sta. Romana found some of this gold and began shipping it out of the country mostly to the PROC. In 1973/4, Sta. Romana signed a power of attorney over the gold to Marcos. More of the treasure was found with the help of treasuro maps, foreign treasure hunters and the AFP (many of the retired generals now in Hawaii) in subsequent years. It was either (1) shipped out as is, (2) laundered via the Central Bank reminting facilities and through other means and then shipped out, or (3) reburied under the custodianship of trusted subalterns or heirs. Further, there reportedly is still 35-37% of the treasure still to be discovered -- which the likes of Noel Soriano and company have set their eyes on.

II. The Global Implications

There is a forty (40) year period within which another country may claim treasure/property taken from it with another country. This period lapsed in November 1985.

An interesting question is -- who owns the gold? Or better still -- who wants the gold? Technically, now the people of the Philippines can lay some claim to the gold, assuming Marcos was not an innocent "finder" or "treasure hunter" entitled to a share, but instead used his position and influence to find it, ship it out, and even sell some of it. To answer the question --

The countries of Europe want the gold! They believe much of it was theirs to begin with. They want or need it so much they are even willing to buy some of it back. A 1983/84 sale we are reconstructing indicates that the 11 monarchs of Europe syndicated a deal involving over 120 banks with the Bank of England as the lead bank to buy back some of the gold. This transaction is known by the code JOB/HK/25 which I will detail later.

The 12 Asian countries conquered and plundered by Japan in World War II want the gold! They believe they have a stake in this as it was from their countries that the Japanese took it from. Marcos struck deals with many of these Asian countries. He shipped back some of the gold to them in return for a share in the booty. For example, the gold shipped back to Singapore, Malaysia, Indonesia, and India are reportedly split now at 70% of the particular country and 30% for Marcos. Japan allegedly has been promised 50% of Marcos 30% in these Asian settlements. Mrs. Yamashita has alleged shares in some of the gold stock in Asia. I will also detail this later in this report.

The United States of America wants some of the gold! The US had virtually no gold of its own to begin with. They need it to back their currency and to stave off economic difficulties. Marcos shipped large stocks of gold to the USA. Marcos allegedly committed to sell 300,000 metric tons of the gold to the US. Obviously, the Asian countries and the Europeans would look with displeasure at this -- if they knew about it or could prove it We have evidence that at least 2 major sales were negotiated with CIA and US Treasury front organizations in 1983/4 and 1984/5. One of these transactions in 1984/5 codenamed YAB42 was apparently aborted because of a difference in payment terms. The US offered 20% in cash and 80% in US government securities.

Marcos wanted 80% in cash and 20% in securities. The amount involved is staggering. A taped conversation with one of the buyer negotiators indicate that senior executive officials of the US Government during the period had to get Congressional approval to increase the US foreign debt to accommodate this deal. As late as mid-1986, US officials were trying to convince Marcos to conclude the deal in Hawaii. In 1987, feelers from their front organizations -- e.g., Navegacion Global's Mr. Bullock were sent to this government (A letter from Mr. Bullock was received by Malacanang Records Office last October 8, 1987 and is enclosed as Annex A). I believe some of our people may have even sat with Mr Bullock. I do not think they knew what Bullock vas really up to -- or understood or believed him if he told them. We allegedly have gold sitting in US depositories -- which the US government wants badly. They reportedly cannot release their new "rainbow dollar" (multicolored dollar bills) that are already printed without this gold to back it up.

III. The Marcos Scheme of Things

Marcos compartmentalized this whole operation so that very few could piece it all together. We have managed to assemble quite a number of Marcos' real operating people -- those that shipped the gold out, found the buyers, negotiated the transactions We are slowy piecing the puzzle together.

For each Marcos account, whether in cash or in bullion, these are assigned trustees and signatories -- some of whom do not even know each other. There are secret bank/depository arrangements such as access code and security countersigns.

Before his death, Marcos organized what is called THE UMBRELLA, a network of 54 people whose task is to manage these assets in the event of his death. In theory, the umbrella, not Mrs. Marcos or his children would execute his will. At least two members of the umbrella's inner core of about one dozen are already working with us. The umbrella has never been tested in action before. Marcos has never died before. Those who now work with me tell me that the chairman of the umbrella is a very decent man who can be talked to on behalf of our nation. Apparently, there is no sharp cleavage between this group (family, heirs, followers, etc.) and Imelda's. Most of what we know is FM's not Imelda's. It is doubtful that even she would know all of FM's holdings. The destabilization efforts will most probably come from Imelda's camp not surprisingly. Marcos is reported to have revised his will a few months before he died, asking former Solicitor General Estelito Mendoza to Hawaii for this purpose. Imelda was reportedly vehemently against the revision. We are trying, through the umbrella, to get a copy of this will.

Exactly how much gold is involved? The estimates vary, and understandably so because of the complex shipping procedures and the compartmentalized nature of the operation.

I have seen documents saying that the gold under the control of the umbrella (there are smaller stocks not reported to or controlled by the umbrella) is in the neighborhood of 1.33 million metric tons (MT). Whether one believes this figure or a lessor figure is not material given the magnitude of the entire scenario. One metric ton of gold is worth
about $11 million. The Phippines' annual gold production is estimated at between 40-60 metric tons The world's "legal" annual gold production, which is regulated by the London gold cartel so as not to upset gold pricesas well as the value of currencies of the world, is estimated at between 1,200 to 1,400 metric tons.

So, where is the gold? How much of it have we traced thus far?

IV. Where Is It?

Our sources have pinpointed the locations, volume, and details of many of the Marcos and Imelda gold accounts around the world.

We have left out the volume figures for countries other than the United States which are relevant for understanding points raised in other sections of the report We do have the detailed breakdown of these other accounts in the other countries but thought it best to omit these for now. The volume/amounts involved are staggering and may be subject to misinterpretation There is admittedly a possibility in some instances of double-counting an entry because of the process of shipping and laundering the gold from one country to another. We can present the figures per country and per bank should you wish to see them.

Whatever volume figures are ultimately believed or proven, the magnitude remains astounding. The gold was shipped out in a span of more than a decade from the late sixties to the mid-eighties. In the later frenzied stages from 1983-85, all forms of transport were used from commercial and chartered ocean vessels and aircraft to the military aircraft of the Philippines.




A. Asia

1. PROC       --     in various depositories in Southern China & Switzerland; joint IRM/FM stock

--     an amount allegedly given to Mao Tse Tung by IRM, 1973, now with Madam Mao

2. Singapore    --   in three banks in Singapore; banks and signatories identified

--      an amount reportedly given to Lee Kuan Yew by IRM in 1975, now in Tatlee Bank, Singapore


3. Malaysia     --     in Bank Negara (Central bank), shipped 1973

4. Indonesia     --     in at least 4 banks in Jakarta, 9,600 MT sold in 1987 for FM to Union Bank of Switzerland

5. India     --     in various depositories; one 94 year-old trustee identified

6. Hong Kong      --     in 10 Hong Kong banks; banks, signatories, account numbers, etc. identified

7. Marianas      --     in private storage, IRM's stock; trustee identified

8. Palau     --     in private storage, IRM's stock, trustee identified

9. Philippines   --     4,600 pieces, 75 kgs. in 18 identified banks in Metro Manila

--     more in private storage, some identified

--     more still to be dug up estimated at 400,000 MT


NOTES: Nos. 2, 3, 4, 5 & 6 which are FM stocks are probably covered by the 70-30 deal with each country. No. 1 still has to be studied further, as both IRM and Madame Mao are no longer in their respective nation's political structures. Nos. 7 & 8 are also IRM stocks and are not probably covered by the 70-30 deal. Japan and Mrs. Yamashita have their stakes here as mentioned. Mrs. Yamashita is co-owner of some Hongkong stock (already identified). Japan may expect 50% of FM's 30% in these Asian settlements.

A. US and Environs

1. 38,000 MT   -- various identified depository banks in New York

2. 72,000 MT   -- Fort Knox, account no. identified

3. 18,300 MT   -- in a New York bank; signatories, account codes identified

4. 62,000 MT   --  various identified depository banks; Canada, Nevada, California, and Panama

NOTES: These were shipped out covering a period of more than 10 years from 1973-1983, The MAFIA and the CIA helped ship it, including some monitored shipments through Clark Air Base. Nos. 1 & 2 formed the stock for the YAB42 transaction to be detailed later Nos. 3 & 4 were also being sold in 1983-1985. It is doubtful any of these transactions were actually consumated.

5. Bahamas      -- Banco Bahamas; trustee identified

6. Panama       -- Bank of Panama; possible 1983 sales through Navegacion Global's Bullock

B. Europe

1. England     -- in 4 identified London depository banks; IRM's stock

-- shipped 1978-85, flown to and reminted in Switzerland, then on to London in GLD bars

2. Switzerland   -- in various depository banks, some banks and signatories identified

3. FRG          -- in various depositories in Luxembourg and Bonn

--  Fabian Ver and Edna Camcam's account, some lent to back up FRG's currency

C. Africa      -- FM owns 40% of 4 leading gold mining and processing firms




V. Some Transactions Worth Looking At

We must differentiate between the movement of the stock, its ultimate destination, and its final disposition in the event it was sold. The movement often required numerous transit points and sometimes "laundering" services like those provided by Johnson Matthey reminting refineries in England and Switzerland or by the Golden Eagle reminting plant in Hong Kong and even possibly by our awn Central Bank refinery in Quezon City. The original form of the treasure was varied and often indicated their countries of origin -- e.g. 75 kg., 91.33 kg. bars with various 'hallmarks" like "Suhatra-Loyd," a dragon, AAA, etc. Internationally, the 12.5 4 GLD or Good London Delivery bar is the recognized unit of gold that is numbered and registered in the London Commodity Computer by batches with indicated owners. These GLDs in batches are covered by Gold Bullion Certificates (GBCs) that are also registered in the London computer If GLDs are bought and sold, it is often not necessary to effect a, physical transfer of the stock but merely to credit and debit or swap equivalent currency or other GLDs or GBCs.

In 1983, FM gave the signal to start selling his gold in grand fashion. This was perhaps triggered by the unrest and re-awakening after 21 August. Literally hundreds of gold buyers, traders, brokers, and middlemen converged in Manila in the years 1983-85, FM issued "mandates" to select people to sell this gold for him (A sample of a "mandate" granted to a certain Konsehala Candelaria V. Santiago is enclosed as Annex B). Others managed to secure "sub-mandates" from the original mandate holders. Still others produced "fake mandates" that they used to con some buyers with to give them hefty advances. We have some of the real mandate holders working with us.

In passing, today there are over 160 gold buyers and brokers now in Manila reminiscent of the 1983-85 years anticipating gold sales by FM heirs or this governments representatives. I understand a few "looseleaf" pieces of 75 kg. bars have already been sold.

Three schemes to sell the gold were conceived in this period. First, the CB Treasury bills method where gold buyers agreed to purchase CB Treasury bills equivalent to the amount of gold they were buying. Then they would redeem these CB T-bills for gold upon maturity of these notes. Second, the loan method where buyers guarantee to lend the GRP money equivalent to the gold they were buying. Using this second method, it could well be that many of our debts are not really debts but are already paid for in gold. How else can one explain the seemingly easy credit FM enjoyed with the ADB, the WB, and the IMF and their prime banks? And this could explain the cavalier spending of these loan proceeds for personal ends. Our sources say that the very top echelon of the WB and the IMF know of this. Why are they now putting on the screws for our loans? Possibly because we have not concluded YAB42. Third, the direct sale, method where after a while the sheer magnitude of the gold being sold could no longer be sanitized by either of the two methods described earlier outright sales agreements gold were negotiated.

We have a good deal of documentary evidence to prove that gold transactions were indeed negotiated by front organizations as well as legitimate banks in those years.

To highlight a few...

1. The YAB42 transaction. This was negotiated in late 1984, early 1985. As reported, this was initiated by the US government through the US Treasury and the CIA. Front organizations; and personalities were used to make the deal ostensibly a non-governmental transaction. Dr. Ole Bay (YAB is BAY backwards) was the main trustee of the buyers' group (A Trust Exchange Agreement and a Funding Trust Pay Order between seller and buyer in transaction code YAB42 are enclosed as Annex C). Navegacion Global SA, Dupont, and other CIA conduits were used.

Forty-two (42) other major trusts were tapped to help fund this purchase. Senior US officials even called FM to confirm the veracity of the mandate holder negotiating for "the seller." Close to 100 prime banks pledged their participation in helping fund the purchase. The US offered 20% cash or $200 billion through these trusts and banks and 80% in US government securities. Using the $200 billion cash as 20% of the transaction, this transaction would then involve 110,000 MT or over $1 trillion. The stock for this transaction appears to be the 38,000 MT in New York and the 72,000 MT in Ft. Knox which total exactly 110,000 MT. In June 1986, US government representatives reportedly asked FM to conclude YAB42 and turn over the 72,000 MT in Ft. Knox He declined. Earlier, FM signed over the 38,000 MT in New York which the US government found insufficient. In 1987, Navegacion Global's Bruce Bullock tried to make contact with this government, possibly to conclude this transaction.

2. In 1983-84, we have evidence of another transaction involving a minimum 62,000 MT up to a maximum of 81,000 MT negotiated with Frank Higdon, another reported CIA intermediary (Investment loans offered to the Philippine Government which is repayable with 62,321 MT of gold bars is enclosed as Annex D). The stock for this appears to be the 62,000 MT in 4 locations in mainland America plus the 18,300 MT in Citibank, New York. It is doubtful this transaction was consumwhated as these stocks have reportedly been recently verified to still be in place.

3. The JOB/HK/25 transaction. In 1983-84, 29,327 MT was reportedly sold to the 11 monarchs of Europe with over 120 prime banks participating with the Bank of England as the lead buyer's bank. The proceeds are allegedly sitting in ledger credits to the seller in the seller's banks and even in some buyer banks. The PNB Singapore and New York branches were actively involved in this transaction and the key officers of these banks then can reportedly identify where these seller credits are located. In commissions alone, there is a reported P200 B/$10 B commission for the transaction's brokers credited to the PNB through the CB sent from the Chemical Bank of New York. There is an additional $63 million in commissions for this transaction at the AMEX Bank in Hong Kong. The brokers who are claiming these commissions are with us providing us inforwhation on this deal and are willing to negotiate with this government

4. The Central Bank of the Philippines may not be able to balance their books as far as gold is concerned. A July report by a senior Central Bank official to the PCGG prompted by preliminary inforwhation on this project we passed on to the PCGG does not reconcile with other CB data we have on gold transactions for the 1984-85 period alone.

Further, our sources say that there is at least 5,000 MT of gold in the CB vaults in Manila and Quezon City. A recent Chronicle article indicates that COA may be getting some wind of this (The newspapers reports that Central Bank has violated audit standards such as under-recording of its actual gold acquisitions and the same is enclosed as Annex E). We have the GBC number of this gold in the CB vaults. Our sources say that senior CB officials may have begun to cover their tracks by moving the gold out or logging it under someone else's account number. Very simple, let us conduct a surprise physical count of the gold in both CB vaults. If this is true, without working on the rest of what we have uncovered, then this government will be richer by, $55 billion.

The original GBC was for seven sub-lots of 1,000 MT each. Sub lots 2 and 4 have already been disposed of leaving a balance 5,000 MT. Remember, our total annual gold production is only 60 MT and our declared gold reserves are possibly only in hundreds of metric tons.

5. We have evidence to support October 1983 transaction of 1,000 MT of FM gold deposited at a PCIB branch under FM trustee Alice Lazo (deceased). The buyer was Mr. Van Dreck of a organization called MERCANTUS (A PC Bank offer to sell gold to Mercantus International Establishment and an irrevocable Purchase Order by the latter are enclosed as Annex F). What business does a local bank have keeping and selling 1,000 MT of gold? Apparently, this transaction was consumated.

These are but some of the transactions we have been able to piece together We do have some documentary evidence, but our main sources are testimonies from the people who were actually involved in these transactions who are now cooperating with us.

VI. Evaluation and Assessment

We have substantial documentation that by their sheer volume indicate these gold transactions did take place.

More important, we now have in our protective custody, key actors that actually helped FM on an operational level. Their testimonies have helped us piece this extremely complex puzzle together. More importantly, they are Wiling to assist in the recovery effort of the government. They are key actors -- trustees, part-owners, signatories, umbrella members who could be vital in "unlocking" these accounts.

Why are they helping us? Partly out of a sense of patriotism. They are not rich -- many of their relatives are impoverished. They believe that it would be criminal to allow the nation to suffer in economic deprivation when something can be done relatively quickly to correct it. Quite frankly, they also hope for a just reward to be granted by this government for their assistance together with the necessary immunities from suit and documents to allow them to spend their reward or commission. This is one of the aspects needing your approval -- the amounts or percentages should be negotiated on a case to case basis depending on the assistance given and the amount to be recovered.

They have put their trust in me for the moment. Loyal FM and IRM henchmen would definitely not look kindly on their efforts to assist us.

We would have proceeded to develop this project further except that certain factors compelled me to bring this matter to your attention now.

First, FM died -- unleashing a host of now unpredictable events that may make purposive action on our end moot and academic. What was in his will? Will the umbrella or can the umbrella execute his will? What will IRM and his other relatives do? What will the host of account trustees and signatories do? What will the banks and depositories do? We are trying to ascertain the answers to some of these questions.

Second, the project has grown to a scope now requiring your knowledge, and to use an FM term, your "mandate" to proceed in directions you agree with. I am not funded for an operation of this scope. To develop this project to this point has cost nearly P300,000 of borrowed money. We now have our "assets" in various safehouses and lodging areas. Soon, one of our "assets' will go abroad to contact the umbrella's chairman to check the contents of FM's will and his willingness to help our government and our people. I am totally loyal to our people's interest through you and word may get to you from other sources that I am in touch with "loyalists." I need you to know what it is I am doing.

Third, you are scheduled to take your second state visit to the US next month. Some of our information may have impact on that visit. At the very least, you are appraised of what we have gathered to fathom any subtle messages that the US officials may send to you. At most, we may be able to put together enough conclusive data to allow you to bring the matter up to President Bush, if not in November at some other opportune moment.

What do we have as far as the recovery of FM's ill-gotten wealth? A few hundred million dollars from deals with overt FM cronies the sale of some identified FM assets (buildings, paintings, and other properties) and court cases here, in Switzerland, and in the United States.

Lately, there are those who propose a "master settlement" approach, meaning one negotiation with possibly IRM or the representatives FM. This "master settlement" may involve the return of FM's remains and/or some of his exiled relatives and henchmen. I agree with these conditions should be rejected at the moment for national security reasons. Also, one negotiation will not work because those that propose it are at best making "educated guesses" about the amount of the ill-gotten wealth that is the basis for negotiation. The PCGG has even recently proposed, holding public discussion groups to try to get more inforwhation on the whereabouts of the wealth and amounts involved.

Lastly, it is doubtful that IRM or any one of the FM heirs would know all or even most of his wealth much less make a full disclosure of what little they may know during these negotiations. A "master settlement" on the wealth by those that propose it presently may not result in a fair deal for our government

On the other hand, negotiated settlements on a case to case basis based on more precise intelligence inforwhation and with the cooperation of the principals involved (the trustees, banks/depositors) in a given case or account may lead to faster and fairer results for our government The ex-FM operatives we are talking to are not politically motivated and place no political pre-conditions (e.g. the return of FM's remains or relatives) on assisting us.

Even if a fraction of what we have uncovered is true, moving on it correctly and recovering some of it for our people could alter the course of our history.

VII. Proposed Courses of Action and Vital Considerations

1. Agree to a detailed presentation only to you or what we have uncovered to date.

2. Allow us to continue the project to pinpoint concrete action proposals for your approval.

In this regard, a reporting/feed back mechanism directly to you must be set up. Some funding support is also needed even at this preparatory stage.

3. The concrete action proposals will probably take the form of proposed negotiated settlements with the parties involved aimed at recovering FM's share for our government and our people. Each negotiated settlement will be different in nature. Some may even be on a country to country basis, requiring your direct intervention ( e.g. the US and some of the Asian countries). Most will be between specific banks, trustees, and signatories and our government. I will detail some possible negotiated settlement formulas when we get to meet

4. There are some action proposals that can be done here immediately like the Central Bank gold and the PNB/CB sale proceeds and commissions outlined earlier. Due to the sensitive nature of these actions and the possible involvement of senior officials of this and the previous government, I propose we discuss this in private.

5. On the local front, some of the trustees/owners/caretakers of the gold already discovered but stored here in our country have come to me to explore the possibilities of negotiated settlements. Initially, some 3,000 MT of gold has been offered. I have been told, if this succeeds, there is much more. I have asked that they bring me proof positive -- gold bars to show you and a visit by me to the site of the gold stockpile -- before I bring this whatter up to you for your consideration.

6. In all negotiated settlements, we must exact a commitment and activate a monitoring mechanism to ensure that the monies released to parties other than our government are not used to destabilize our government

7. Trust is a vital dimension to this undertaking! Our newfound "partners" -- the FM trustees, signatories, and caretakers have placed their trust in this government through me and you -- whom they believe I report to directly. Some of them have had "sad experiences" with others in our government, the details of which I would rather discuss privately. I ask in turn for your continued trust and guidance without which we cannot proceed with this task nor hope to succeed. Greater men than I have risked their names and reputations on parts of this puzzle -- some have failed, others have had dubious interests at heart. I find myself in a situation where I must try to see this through its conclusions -- because success means a better life for all of us.

CONRADO A. LIMCAOCO, JR.


NOTE- The small stocks being referred to here by Mr. Limcaoco are actually the so-called unrecorded accounts of Imelda and FM's children. I was earlier told by one trustee that some of these smaller stocks were a part of Mrs-Marcos' compromise deal with the US. Government, in exchange for her acquittal in the New York court.

The photocopy of Mr. Limcaoco's letter to Pres. Cory Aquino was given to me by a RAM officer who is now living, in the U.S.A. and had a role to play among Col. Red Kapunan's group who took over Channel 4 at the height of the 1989 RAM-SFP-YOU coup d'etat. Some concerned citizens at hotel coffee shops have circulated other similar photocopies.

Even the defunct Newsday dated February 27, 1990 printed the same.

Limcaoco's Gold Recovery Program had successfully controlled the part of the Marcos gold specifically that taken from the Napindan Channel. This was the very reason why the Yellow Army particularly saw to it that Channel 4 should be the first target area to recover. The barricades erected surrounding the TV station's perimeter were dismantled only after "the loot" had been successfully brought out and transferred to "safer" ground. Thus, the persuasion flight of the U. S. Phantom Jet.

At this point, I would like to reiterate the misconception that the Marcos gold was the Yamashita treasure. The mere mention of Sta. Romana's name and other long existing gold accounts as having never been moved until the time Marcos gained control over them, including those at Fort Knox, strongly confirms that the Marcos gold had been successfully amassed from different sources.


`LOSS WEIGHT NOW!

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FERDINAND MARCOS 100BILLION DOLLAR GOLD CONTRACT

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APPENDIX 6.13 


Reproduced below is chapter 31 in its entirety extracted from the Marcos Legacy Revisited subtitled: Raiders of the Lost Gold, by Erick A. San Juan, published in 1998 in Makati City, Philippines.   My thanks to "Dirk" for providing this. 


Of interest is the sloppy prose style and typographical errors that closely correspond to the "mistakes" contained on all of Peter Johnston's gold bullion certificates - perhaps indicating that this, also,  was written with "deniability" in mind?   






CHAPTER 31


The Trilateral Commission's Aborted Deal with FM


The aborted deal of the CORPORATION INTERNATIONAL with the late Pres. Ferdinand Marcos (better known as the Trilateral Commission) involved an agreement in which the president was promised power for life and a guarantee of an Investment Loan to be coursed through a Mini-Marshall plan to save the failing Philippine economy. All these in exchange for his gold bullion.


The original document showing specifically how much gold Marcos kept at Fort Knox was given to me by an emissary of President Marcos which I handed, in trust, to Reynaldo Fajardo, who was supposed to write a book on this. This was the very same document brought by Ambassador Philip Habib to Manila in February 1986 for Marcos' signature. Marcos, however, didn't sign the document because THE CORPORATION wanted the gold bullion for themselves alone and merely offered to give him an investment loan in exchange. Soon after, through Cardinal Jaime Sin's call for people support, and armed with "Plan C," employing the Marxist principle "Religion is the opium of society." EDSA People Power came to the fore. This marked the beginning of Marcos' downfall.


A photocopy of these records was passed on to me by my friend, Col. Adex Villalon (RES). Had Marcos known of an impending conflict between the Philippine Government and his family, he could have immediately signed Habib's document and could have lived happily ever after.


The following is the text of the Trilateral Commission's communique with the late president Ferdinand Marcos under the letterhead, THE CORPORATION INTERNATIONAL, brought by then U.S. Ambassador Philip Habib for F.M.'s approval and subsequent signature. The deal turned sour because the CORPORATION wanted to get everything, simply leaving Marcos a so-called investment loan out of his total gold hoard. On my visits to Hawaii, Marcos made it clear to me that he did not sign the document because, in his own words "para akong pinirito sa sarili kong mantika" (I would have been fried in my own lard). He further added that he had all those years, invested so much of his time, expertise, strategies, and a lot of guts, just to safeguard all the wealth which he intended to offer his countrymen's future and that of our children's children. This was also the reason why he was forced to leave Malacanang to regroup in Paoay, Ilocos Norte, but instead, he claimed to have been kidnapped, taken by force and against his will by the Americans and flown to Hawaii.


NOTE: The photocopy clearly displayed the entire logo of THE CORPORATION INTERNATIONAL, with the words "CLOAKED WITH SECRECY" stamped on every page, together with the following details on each page's right-hand margin:


FIFTH AVENUE AT 55TH STREET
NEW YORK, NY 10022
212 753 4500


LANCASTERGATE - HYDEPARK - LONDONW23NZ
Telephone: 61-2525090 Telex: 291655 Prestel 3441100


WEINSERGSTRASSE 45, CH-8008 ZURICH




The Corporation International


TO: GM13CO
RE: TRANSACTION OF 62,321 MT


YOU ARE NOW PURSUING AS CODED SELLER, WE HEREBY GUARANTEE THAT YOUR PARTICIPATION IN THE SAID TRANSACTION, UPON ITS SUCCESSFUL CONCLUSION IS 1/4% OF 1%. WE SHALL MAKE ALL PAYMENTS MADE TO YOUR ACCOUNT TO ANY BANK OF YOUR CHOICE, AT YOUR INSTRUCTION.


Makati, Philippines, February 21,1986


PN15182541/ OR 12241942/ AA (BBRP) ABLL1


ATTESTED:
(signature unidentified)
"301/RVH/301STCO/S18/69/66"


TO: 1135PACER


IN CONNECTION WITH THE TRANSACTION OF 62,321 METRIC TONS, PURSUED BY GM13CO, WE HEREBY GUARANTEE THAT YOUR PARTICIPATION IN THE SAID TRANSACTION, UPON ITS SUCCESSFUL CONCLUSION IS 1/4% OF 1%. WE SHALL MAKE ALL PAYMENTS MADE TO YOUR ACCOUNT TO ANY BANK OF YOUR CHOICE AT YOUR INSTRUCTION.


Makati, Philippines, February 21, 1986.


PN15182541/ OR 12241942/ AA (BBRP) ABLL1B


ATTESTED:
(signature unidentified)
301/RVH/301STCO/S18/69/66


THE CORPORATION INTERNATIONAL


C O N F I D E N T I A L


REQUEST ATTENTION TO:
____________________
____________________ THRU:


1. THE CODED PRIVATE SELLER OF SCATTERED GOLD BARS IN THE PHILIPPINES


INVESTMENT LOANS:


SUCCESFULLY AND DISCREETLY LOANS ARRANGED FROM 1980 TO 1985 INCLUSIVE WITH 216 PRIME LEAD BANKS BY PN-1518254 AND HIS 25 SECRET GROUPS: WITH PARTICIPATIONS OF CODED GROUPS FROM USA AND EUROPE.


SUBJECT :


READINESS AND AVAILABILITY AND BLOCKED U.S. DLRS 100 BILLION, OR U.S. DLRS 150-BILLION INITIALLY AS INVESTMENT LOANS OFFERED TO THE PHILIPPINE GOVERNMENT THRU THE CODED PRIVATE SELLER OF THESE 62,321 METRIC TONS OF GOLD BARS OR MORE.


THESE USDLRS BILLION FUNDS AS INVESTMENT LOANS HAVE BEEN ARRANGED-NEGOTIATED SINCE 1980, 1981, 1982, 1983 and 1984 WITH USDLRS 600-BILLION CAN BE REACTIVATED WITH 1,000 PRIME BANKS IN THE U.S.A. AND EUROPE WITHIN 20 DAYS FROM ACCEPTANCE AND REPAYABLE WITH 62,321 METRIC TONS OR MORE OF THESE GOLD BARS OF RECORDED 999.9% PURITY OF DIFFERENT SIZES OR DENOMINATIONS OWNED AND POSSESSED BY PHILIPPINES/ CODED PRIVATE SELLER IN THE PHILIPPINES.


C O N F I D E N T I A L


1) 62,321 METRIC TONS OF GOLD BARS IN THE PHILIPPINES, ETC.


Hereunder in simple words are the facts and events in a nutshell to which we adhered and by reasons of which, we, thru the code 'U.S.A.D.T' the World-Sole-Financially Established lenders-buyers and the European Lenders-Buyers, have both recognized without any reservation, the rights, possession, ownership and disposition of these gold bars with recorded 999.9% purity of different sizes and denominations of your/Philippines and for which we agree, as we have agreed to give INVESTMENT LOANS repayable with these gold bars in the Philippines, vice-versa.


2) IN THE PHILIPPINES


These 62,321 Metric Tons or more of gold bars are in the Philippines, but secretly, per our calculations only about 43,200 Metric Tons of these gold bars had been found and excavated from 1972 to 1980, the other 20,000 Metric Tons, or more, are still to be located and 'excavated' (?), or already very secretly-shrewdly in the hands of some retired/active Generals (?) and/or private Hunters-Priests, alike.


3) READINESS OF UNLIMITED USDLRS-BILLION FUNDS AS INVESTMENT LOANS: PHILIPPINES IN CRISIS


The Philippines is in a sort of serious political and economic crisis. Every and all bankers in the world are refusing to give financial aids and no more foreign banks and foreign institutions would lend money to the Philippine Government due to its huge unpaid external debts, and the only salvation as we believe and know pretty clear are these gold bars of the coded seller thru 'Authority' under the principle of 'Pares Patria' thru, the initial USDLRS IOO-Billion and up to USDLRS 150-Billion which had long been blocked and ready since December 2, 1985 and the USDLRS 600-Billion can be easily reactivated by fiduciary-principals of ours, thru code: "U.S.A.D.T." and the European groups with its 1,000 prime banks within 20 days, more or less, if these offers are accepted. And all these U.S. BILLION FUNDS are all for INVESTMENT LOANS for the Philippine/coded seller and repayable with all these 62,321 Metric Tons, or more, of gold bars of any size or denomination with 999.9% purity.


4) BEGINNING OF NEGOTIATIONS ABROAD WHOEVER THE CODED PRIVATE SELLER


Therefore Sir, with much due respect to the private coded seller authorized for these huge transactions in connection with these scattered gold bars of different sizes in the Philippines 999.9% purity and 24 carat - we wish you to know, thru the undersigned coded Chairman of the Confidential Committee, in order these highly classified messages may eventually reach the coded seller of these 62,321 or more Metric Tons of gold bars with different sizes or denominations that initially USDLRS 100-Billion or USDLRS 150-Billion as Investment-Loans have long been readied and blocked and can be reactivated within a very reasonable time. To be repetitious, all these INVESTMENT LOANS as cited above, initially USDLRS 100-Billion have had already been readied and blocked since December 2, 1985 up to the present with 1,000 prime banks in the USA continents and in some 500 primebanks in the European countries---with USDLRS 600 Billion or more can be reactivated within 20 days or more, are all for direct INVESTMENT LOANS to the Philippines/coded seller who is naturally under the 'Pares Patria' of the President of the Philippines and which are repayable in 24 hours only with these 62,321 Metric Tons or more of gold bars of different sizes and denominations and with 999.9% purity. These USDLRS BILLION DOLLARS can be verified on bank-to-bank levels only.


5) MAN CODED PNI518254 AND HIS SECRET GROUPS INTERNAL AND ABROAD


If only to help the Philippines and his countrymen thru his beloved President to secure the unlimited U.S. Billion Dollars as Investment loans and overcome the political and economic uncertainties of the Philippines, this coded man, PN1518254 or code '12241942/AA (BBRP) ABLLIB' had resigned from his gainful banking-finance-law practices giving up his retainership of 43 private corporations and even went to the extent of, at the great sacrifice of his family and relatives of encumbering his properties some of which have already been forfeited and spending with his groups both foreign and local to the tune of more than 315,000 dollars had worked and still is working very hard with HIS AFORESAID GROUPS TO TIGHTLY HOLD ON THESE 8,000 foreign banks and to successfully secure these unlimited U.S. Billion Dollars as Investment Loan, all repayable with these gold bars in the Philippines.






6) OUR FOREIGN FIDUCIARY PRINCIPALS' REQUIREMENTS


Therefore, thru our foreign fiduciary principals-lenders-buyers, we request the following:


1. Ocular inspection of all these (Physical stocks) gold bars in the Philippines or elsewhere abroad by PN1518254 soonest with coded 'U.S.A.D.T.' representative and the certification of availability and genuineness of aforesaid gold bars from the International Prime Trust bank of seller on the deposit of these gold bars or two hard copies authorization from the President of the Philippines or his authorized Minister confirming the availability of these gold bars about 62,321 Metric Tons or more of any sizes and purity of 999.5% or 999.9% and the readiness and willingness to accept our Investment Loan offers which are all repayable with these aforesaid gold bars and after assay and determination of the genuineness of gold bars of the U.S.A.D.T./USA and the European Legitimate Lenders-Buyers, will pay thru coded sellers' prime banks, or on any suggested procedures from coded authorized seller/ Philippine coded Authority that can be mutually agreed upon.


2. These U.S.A.D.T./LENDERS-BUYERS GROUPS from the USA, together with the European groups, shall always be FLEXIBLE and UNDERSTANDING to the secret requirements of the Authority/ Coded Private Seller, knowing these huge transactions have to partake of a very PRIVATE TRANSACTION IN NATURE.


3. All incentives and commissions are deducted at source with international tariff of 10% and incentives of 7% less 2% for PN1518524/Foreign Groups/Local VIPS/GROUPS.


4. That our U.S.A.D.T. Lenders-Buyers groups in the USA will pay CASH ONE THIRD of the total prices based on the London Second Fix of all these gold bars of any sizes, minus/less above international Tariff 10% and 7% commissions deducted at source, with remaining balance corresponding to the prices of all these gold bars, shall be paid depending on the "WISHES" of the coded Seller assigned for this purpose.


7) MECHANICS OF USDLRS-BILLION DOLLARS INVESTMENT LOANS FOR THE PHILIPPINES


The mechanics of these unlimited USDLRS-BILLION DOLLARS as INVESTMENT LOANS are as follows:


1. Since these huge confidential transactions involving USDLRS 983 Billion which are "perhaps" the actual price of these gold bars in the Philippines, which price is based on London Second Fix, less the ten (10%) percent tariff for rebaring, recasting and reassaying deductible for every release of these USDLRS-BILLION funds as INVESTMENT LOANS and less further the seven (7%) percent as incentives and tax sales abroad (to 7% less 2% for codes LOCAL VIPS/ GROUPS AND PN1518524 and 1,000 to 2,000 members groups)--- are purely private transactions --- and no world financing agencies will ever know any of these huge transactions, except the coded private seller and the confidential Philippine AUTHORITY.


2. It will appear in all banks documentation of these coded "U.S.A.D.T." LENDERS-BUYERS GROUPS from the USA, as well as from the EUROPEAN LENDERS-BUYERS GROUPS - the former represented by the private company while the latter is represented also by private company, respectively, that all these initial USDLRS100-Billion or more will appear exactly as 'VOLUNTARY INVESTMENT LOANS' to coded seller for "PHILIPPINE AUTHORITY" and for that reason, as if an, repeat as if an, INVESTMENT LOANS AGREEMENT shall be signed at the office of the Philippine President, when in truth, it is the acceptance of these US-HUNDREDS BILLION DOLLARS FUNDS very secretly and the simultaneous turn-over to our two groups of all those gold bar's with 999.9% purity.


3. And behind these INVESTMENT LOANS --- for the reasons the initial USDLRS 100-Billion or initial USDLRS 150-Billion as irrevocably certified by our 10 to 40 lead prime international banks and these funds are good as CASH - thus there will only be two permanent and exclusive contracts to be signed with the coded private seller under the umbrella of "Code1 " of the Philippines in favor of our two world most financially established democratic lenders-buyers groups, i. e. the U.S.A.D.T / LENDERS-BUYERS GROUPS from the USA and the EUROPEAN GROUPS, and which contracts shall be signed in the physical presence of that "Authority" of the Philippines, at Malacanang Palace, Manila, Philippines:


4. Simultaneously, within 10 days, after such agreements and acceptance of the Initial USDLRS-100 Billion, or USDLRS 150-Billion, with our licensed international assayers of these two world most established Financial coded groups, as buyers-lenders shall proceed to personally conduct the assaying of all the physical stocks of these gold bars which may last up to May 30, 1986; thereafter, these physical stocks of gold bars, if found genuine, the coded "U.S.A.D.T." LENDERS-BUYERS GROUPS will immediately issue so-called Certified funds from International Prime Banks for the balance.


8) ABSOLUTE GUARANTEE BY THESE TWO LENDERS-BUYERS GROUPS


The U.S.A.D.T world most established Financial Legitimate moneyed groups from the USA thru its front company and with the EUROPEAN LENDERS-BUYERS GROUPS thru its front-company hereby mutually, thru the undersigned committee Chairman, has IRREVOCABLY, UNEQUIVOCALLY AND ABSOLUTELY guaranteed that the private coded seller and his "AUTHORITY" of the Philippines shall be free and exempt from any civil or criminal liability or international suits that may arise in connection with these gold bars transactions which these two most financially established groups are buying with the processes and mechanics of so-called "INVESTMENT LOANS AGREEMENTS"; and the undersigned members and chairman of the finance confidential committee of these USADT-LENDERS-BUYERS from the USA and the EUROPEAN-LENDERS-BUYERS will all do the hauling and transporting of all these gold bars very quietly at their expense without any obligations whatsoever from private coded seller and his "Authority" after the assay are finished up to May 1986, through the U.S.A. 90,000 deadweight tons Aircraft Carrier in one or two shipments only and very confidentially. Further whatever PENDING CASES this coded seller or his "AUTHORITY" has filed against them with the International Court of Justice or International Forum, these two word most established financial and moneyed groups through the undersigned members and chairman of the Finance Committee shall be answerable and responsible and hereby, these coded world's group assume any and all obligations unconditionally and responsibility thereto.


9) FINAL OFFER AND CONCLUSION


The acceptance of these USDLRS 600-Billion up to USDLRS 983-Billion, with initial USDLRS 100-Billion and/or USDLRS150-Billion already BLOCKED since December 2, 1984 and November 7, 1985 as INVESTMENT LOANS, and all repayable very secretly and CONFIDENTIALLY with all these gold bars in the Philippines of about 62,321 Metric Tons or more with 999.9% purity --- the first and primary "contact" to be made by said "AUTHORITY" /coded private seller (thru its seller's international bank) should be coursed first its acceptance of these UNLIMITED-US-BILLION DOLLARS as Investment Loans to the same man coded as PN1518254 or "12241942/ AA (BBRP) ABLLIB" and with coded seller will know where to immediately "contact" this PN1518254.


With the foregoing facts and events and more practically our aforesaid adherence and firmed and complete recognition of the Philippines' rights, possession, ownership and disposition of all those gold bars, we, thru the coded "U.S.A.D.T." MONEYED-LENDERS-BUYERS from the USA and with the European lenders-buyers groups, ---now wish to call the special attention of:


10) CODED SELLER THRU HIS "AUTHORITY" CONCERNED


On these "INVESTMENT LOANS" long negotiated and finally arranged from 1980 to 1984 inclusive with 216 foreign prime banks by the man coded as PN1518254 or "12241942 (BBRP)ABBLIB" and his groups, with the principal participations of Foreign groups (USA) and the European groups.


Consequently, the READINESS and AVAILABILITY of all these UNLIMITED US-BILLION DOLLARS as INVESTMENT LOANS cited above are all blocked since December 2, 1985 exclusively intended for the Philippine' coded seller repayable with these 62,321 Metric Tons of gold bars, or more, in the Philippines. And with these huge sums as INVESTMENT LOANS are still intact, "frozen" so to say with the 3,000 prime banks in the USA and in 500 prime banks in the European continents earning nothing since December 2, 1985 up to the present while other end users /countries in the world are all in bad need of these "BLOCKED-US BILLION DOLLARS."


These two-world-moneyed groups thru the undersigned had agreed with coded seller that all these gold bars transactions should be treated as very PRIVATE IN NATURE and no involvement of any public officials nor Philippine embassies abroad, and we shall always be FLEXIBLE, UNDERSTANDING and SYMPATHETIC to the "requirements" of the Philippine "coded seller." And finally, with the successful and confidential conclusion of this transaction, it becomes necessary immediately to convert the present Central Bank Minting facilities to an internationally accepted gold bullion refinery, either as subsidiaries of world renown minting firms such as the Johnson Mathey, National Mint or the likes or as separate private company under the Trilateral supervision.


Now, it's up to YOU, SIR, to make the 54 Million Filipino people happy and economically and industrually stable and solid with these UNLIMITED BILLION USDLRS INVESTMENT LOANS repayable with these 62,321 Metric Tons of gold bars or more in your country. Don't wait for others to claim this IMMORTAL CREDIT. Kindly do it while you are in your solid possession and right and you alone can do it and alone can claim immortal glory as the greatest man in Asia.




Yours very respectfully,
"PN1518254 /OR 12241942 /AA (BBRP)ABBLIB"


(unidentified signature)
"301 /RVH /301STCO /S18 /69 /66"
THE "U.S.A.D.T." GROUPS OR LENDERS-BUYERS/ USA AND THE EUROPEAN GROUPS OF LENDERS-BUYERS thru (Confidential Finance Committee Members)


(unidentified signature)
Authorized Signature
Coded Chairman, World's Coded Finance Committee

Read More

Efforts to Recover Assets Looted by Ferdinand Marcos of the Philippines

page contents

Intermediate Training Programme on Asset Tracing, Recovery and Repatriation, Jakarta, September 2007
Background paper
Chronology (draft

Efforts to Recover Assets Looted by Ferdinand
Marcos of the Philippines
(August 2007)
Sample of overview observations made by commentators
• The Marcos family case clearly illustrates how difficult it is for the successor government of a kleptocrat
regime to regain ownership of stolen assets.
• Having unrestricted access to the assets enables the accused to fend off legal proceedings for decades and to
deplete the funds by enjoying a lavish lifestyle. The Marcos family (Ferdinand Marcos, who died in 1989, his
wife Imelda Marcos, who remains alive and contests all claims to this day, and their children) have skillfully
deployed their assets (allegedly between USD 5 and 10 billion) with the aid of attorneys while still living lives
of great privilege.
• In the opinion of the Government of the Philippines, it faced a difficult task in recovering the assets on
account of the highly intricate and secretive nature of the Marcos network of accounts. It was lucky to have
the so-called Malacañang documents
2
 to guide it to at least a part of the stolen Marcos assets. The Swiss
Government decided in principle to block Marcos' assets. It mandated the Swiss Banking Commission (EBK)
to ask the banks what Marcos assets they were holding. This led to a precise overview of Marcos
funds/accounts. When the international mutual legal assistance request arrived, the relevant accounts were
effectively blocked. They could then be compared with the information supplied by the EBK.
• The Philippine Government's efforts were hampered by the fact that the Philippine Presidential Commission
on Good Government (PCGG), the agency established to recover the Marcos assets, was new to the task and
could not draw upon established tools and procedures.
• Newly introduced was also the Swiss Federal Act on International Mutual Assistance in Criminal Matters (Act
on International Criminal Assistance, IMAC): the Swiss lawyers Salvioni, Fontanet and Leuenberger, who had
been appointed by the PCGG in March 1986, had to apply a new Swiss law, in force as from January 1, 1983,
with no guidelines, no case law, and no special instructions. It helped in this situation that the Federal
Department of Justice offered much assistance and that the Swiss Federal Supreme Court confirmed, in most
cases, the decisions of the lower courts in favour of the Philippines.
• Additional difficulties arose from the fact that there was continued political support for the Marcos family after
they fled the Philippines and from various individuals of the Philippines elite who had benefited from their
corrupt system and who therefore remained loyal to  them. The fact that Imelda Marcos was elected
congresswoman, and Ferdinand and Imelda Marcos' son, Ferdinand Jr., was elected congressman, illustrates
the support they still had in the Philippines.
• Conflicts of interest arose both within the class of plaintiffs that won damages for human rights abuses from
the Marcos family in the USA, concerning how best to actually receive the money, as well as between the
                                             
1
   This chronology is work in progress and continues to be open to inputs from experts and other involved and concerned parties.
Comments can be submitted by email to icar@baselgovernance.org
2
  Documents retrieved from the Malacañang Presidential Palace after end of the Marcos regime, detailing financial arrangement
between Marcos and Swiss banks. 2
government and said parties, concerning the use of the repatriated assets. A key problem in this context was
that in violation of the national sovereignty of the Philippines the US Courts had decided how and to whom
the money blocked in the US should be paid.
• More generally, the competing interests involved -  those of the Marcos family, the human rights abuse
victims, the Philippine Government - created a degree of complexity for the courts, including issues of
national sovereignty and balancing of interests, and resulted in a risk of double liability for financial
institutions involved.
• The Swiss authorities involved in the repatriation attempts followed the law by the letter, on the one hand,
but on the other hand also arrived at groundbreaking interpretations which brought the case of the Philippine
Government forward. Before the introduction of the Swiss Federal Act on International Criminal Assistance,
IMAC in 1983, Switzerland could not provide international mutual legal assistance without a mutual legal
assistance treaty. In 1986 the Marcos case became the first case under the new law.
Pre-Marcos Philippines
1500 to 1898 Spanish rule, the Philippines named after King Philip II of Spain.
1898-1946 American colonial period.
1946 The Philippines gains its independence from the United States.
Marcos era
11 September 1917 Marcos born in Sarrat, Ilocos Norte Province, Luzon. Studies law.
1939 Marcos arrested in connection with murder of political rival of his father. Found
guilty.
1940 Marcos appeals conviction for murder, representing himself. Appeal upheld and
conviction overturned. Works as a trial lawyer in Manila.
1941-45 Officer in the Philippine armed forces during the Second World War.
1946 Works in Manila law practice, is also assistant to Philippine President Manuel Roxas
y Acuna (1947).
1949 Marcos elected to the Philippine Parliament (Liberal Party). Re-elected 1953.
Reported to use political influence for personal enrichment.
1 May 1954 Marries Imelda Romualdez.
1957 Re-elected. Moves to Senate in 1959, becomes opposition leader in Parliament.
1961 Head of Liberal Party. Senate president (1963).
1964 Switches allegiance to Nationalista Party.
1965 Marcos is elected President of the Philippines in November 1965, promising
improved living conditions and land reform. Helps found Association of Southeast
Asian Nations ASEAN in 1967.
1969 Marcos wins second four-year term as President.
1970 Social unrest. Student demonstrators attempt to storm Malacañang Presidential
Palace. Marcos blames leftists and suspends habeas  corpus (August 1971) as
prelude to martial law.
21 September 1972 Marcos declares martial law, using alleged assassination attempt against defense
minister Juan Ponce Enrile as excuse. Later it is revealed that assassination attempt 3
was staged by the military.
1973-1985 New constitution allows Marcos to stay in office indefinitely and rule by decree. His
wife, Imelda Marcos, made Governor of Manila and Minister of Human Settlements
and Ecology. Manufacturing and business enterprises nationalized or handed to
Marcos cronies or relatives. Profits siphoned off for personal enrichment and
mismanagement rife. Army officers appointed to manage several corporations and
military ordered to take control of all public utilities and the media. Civilian courts
stripped of power and autonomy. Salaries in real terms half as much as 1956, share
of the national income held by the wealthiest 10% increases from 27% to 37%.
17 January 1981 Marcos officially lifts martial law, but government retains power to arrest and
detain.
1981 Opposition boycotts presidential elections, Marcos wins.
1983 Opposition leader Benigno Aquino Jr. assassinated at Manila airport upon return to
the Philippines from exile.
February 1986 Opposition unites under Corazon Aquino, widow of Benigno Aquino Jr., for snap
presidential election. Marcos declared official winner. International observers
denounce official result. General Fidel Ramos and defense minister Juan Ponce
Enrile withdraw support for Marcos. Peaceful civilian-military uprising (the EDSA
Revolution, named after Epifanio de los Santos Avenue in Manila where crucial
revolutionary events took place) forces Marcos from office.
25 February 1986 Corazon Aquino is sworn in as President of the Philippines, whereupon Marcos
family flees the Philippines on same day. Marcos said to be carrying suitcases
containing jewels, 24 gold bricks and certificates  for billions of dollars of gold
bullion upon arrival in Hawaii (catalogued by United States customs service in an
inventory dated 10 March 1986).
Post-Marcos era
1986-1992 Corazon Aquino presidency.
25 February 1986 Swiss bank accounts in Marcos’ name estimated to contain more than USD 3 billion
stolen from his country. At the same time, the Philippines' foreign debt stands at
about
USD 28 billion. Through a request filed by Swiss lawyers, Salvioni, Fontanat and
Leuenberger (in the following: Salvioni et al.), it is possible to freeze about USD 356
million of the Marcos fortune in Switzerland that have been discovered thanks to
the documents that Marcos, his family and his staff had lost in the presidential
palace during their flight (so-called Malacañang documents).
28 February 1986 The Philippine Presidential Commission on Good Government (PCGG) formed by
Presidential order no. 1 (three days after Marcos fled)
3
 to recover Marcos-linked
assets in the Philippines and abroad. According to Jovito Salonga, first chairman of
the PCGG, Marcos loot came primarily from:
• diverted foreign economic aid,
• US government military aid, including huge discretionary funds at Marcos
disposal, as a 'reward' for sending some Filipino troops to Vietnam, and
• kickbacks from public works contracts.
 What is said to have distinguished Marcos from other corrupt Filipino politicians was
                                             
3
  http://www.pcgg.gov.ph/id28.htm4
his particularly long period in office and the scale of his corruption.
11 March 1986 PCGG letter orders the Central Bank of the Philippines (CBP) to freeze Marcos' and
cronies' assets. CBP successor Bangko Sentral ng Pilipinas (BSP) says CBP
transmitted PCGG letter to banks, with memorandum asking for their "cooperation".
PCGG has power to freeze or "sequester" suspect assets. (cf. 13 May 2003 below.)
12 March 1986 President Corazon Aquino passes Executive Order no. 2, freezing all Marcos assets
in the Philippines.
4
24 March 1986 The Swiss Federal Council imposes an  unprecedented unilateral and exceptional
freeze order on Marcos assets (executive seizure), after it was informed by a Swiss
bank that De Guzman, a Filipino banker with power of attorney from Ferdinand and
Imelda Marcos, had requested the transfer of assets out of Switzerland to an
Austrian bank belonging to him and to former cronies of Marcos. Swiss Banking
Commission is mandated to find out which banks are  holding Marcos assets. The
Swiss Federal Council states that it acted in anticipation of the Philippine
governmental claims.
5
 At this point there is no mutual legal assistance treaty on criminal matters between
Switzerland and the Philippines, so Swiss cooperation is based mainly on the Swiss
Federal Act on International Mutual Assistance in Criminal Matters (Act on
International Criminal Assistance, IMAC).
6
 The fact that the Swiss freeze order
precedes the Filipino mutual legal assistance request leads to a controversy in
Switzerland concerning the 'rule of law'.
7
7 April 1986 The Philippine Government requests mutual legal assistance from Swiss authorities
under the Swiss Federal Act IMAC on the basis of the "Malacañang documents".
The government requests the continuation of the provisional freeze order, which
would otherwise lapse.
 The Malacañang documents led the Philippine Government to believe that Marcos
had accumulated illicit wealth amounting to USD 5 billion, and that USD 1 billion
thereof is in Swiss bank accounts.
 It is later established by Swiss authorities that the MLA request had a "congenital"
deficiency, as it was "indeterminate and generic". In the end the MLA request only
succeeds in getting banking documents relating to the Marcos deposits released,
and that, too, only under specific conditions.
8
 (See 21 December 1990 below.)
 The Malacañang documents also lead the Philippine Government to press criminal
                                             
4
  http://www.pcgg.gov.ph/id29.htm
5
  See Communiqué as reproduced in NZZ, a Swiss newspaper, Fernausgabe Nr. 71 of 27.3.1986, p. 13 stating that "Der Bundesrat
hat beschlossen, in der Schweiz liegende Vermögenswerte irgendwelcher Art, welche von der Familie Marcos, von ihr
nahestehenden Personen oder Gesellschaften u.ä. gehalten werden, vorsorglich bis auf weiteres zu sperren. Am Montag
[24.3.1986] hat der Bundesrat Hinweise erhalten, dass von Seiten des philippinischen Ex-Präsidenten Marcos versucht wird,
Gelder aus der Schweiz abzuziehen. Am Mittwoch [26.3.1986] wird ein Beauftragter der neuen philippinischen Regierung in Bern
erwartet, welcher sich nach deren rechtlichen Möglichkeiten erkundigen will, ihre Ansprüche geltend zu machen. In dieser
Situation hat der Bundesrat bereits am Montag [24.3.1986] an sechs Banken eine Verfügung erlassen, wonach allenfalls in der
Schweiz liegende Vermögenswerte Vorsorglich zu sperren sind, und dies auch der Bankiervereinigug mitgeteilt. Er wird das
weitere Vorgehen in seiner nächsten Sitzung festlegen.". See also Communiqué, "Vorsorgliche Blockierung der Marcos-Gelder in
der Schweiz", as reprinted in Dagmar Richter, "Potentatengelder in der Schweiz: Rechtshilfe im Spannungsfeld der
Menschenrechte von Tätern und Opfern", The Heidelberg Journal of International Law 1998, p. 18, available at
http://www.zaoerv.de/58_1998/58_1998_1_a_541_610.pdf.
6
  Bundesgesetz über internationale Rechtshilfe in Strafsachen (Rechtshilfegesetz, IRSG), adopted 20 March 1981,
www.admin.ch/ch/d/sr/351_1/index.html (German); www.admin.ch/ch/f/rs/351_1/index.html (French).
7
  See 86.482 - Interpellation, Marcos-Gelder in der Schweiz, eingerichted von Fisher Theo,
http://www.parlament.ch/afs/data/d/gesch/1986/d_gesch_19860482_002.htm (in German or French).
8
  See the Republic of the Philippines' statement on asset recovery, delivered by Tanodbayan Ma. Merceditas N. Gutierrez,
Ombudsman of the Republic of the Philippines, at the First Session of the Conference of the States Parties to the United Nations
Convention against Corruption (UNCAC), Jordan, 10-14 December 2006.5
charges against Marcos.
7 April 1986 Invoking Alien Tort Act, a Filipino "Society of Ex-Detainees for Liberation from
Detention and for Amnesty" (SELDA), representing around 10'000 Filipinos, files a
case against Marcos in the United States District Court of Hawaii for human rights
violations committed against them or their relatives.
1986 Hawaii District Court dismisses case, arguing that Marcos has privilege of immunity.
SELDA lead counsel Robert Swift and his cp-counsel Jose Mari Velez appeal to US
Court of Appeals for the Ninth Circuit.
18 April 1986 The Philippine Government makes informal request for continuation of freeze order
in Switzerland.
23 April 1986 Exceptional freeze order rescinded.
25 April 1986 The Philippine Government formally requests continuation of freeze order through a
diplomatic note.
7 July 1986 Swiss Federal Office of Police Matters (FOPM) defreezes Marcos deposits.
20 July 1986 FOPM refreezes Marcos deposits.
1987
1 July 1987 Judgement by Swiss Federal Supreme Court in Lausanne allows MLA to the
Philippines. This was preceded by massive opposition by Marcos and others (incl.
Swiss Banks) to this provision of MLA.
9
1988
21 October 1988 A US federal grand jury in New York indicts Ferdinand and Imelda Marcos for a USD
268 million racketeering scheme, including looting  the Philippine treasury of USD
103 million and defrauding US banks of USD 165 million.
31 October 1988 Imelda Marcos arraigned in court by US federal grand jury for offences including
mail fraud, fraudulent misappropriation of property and obstruction of justice;
pleads not guilty. Ferdinand Marcos excused for health reasons.
3 November 1988 Imelda Marcos allowed to return to  Honolulu after American millionairess Doris
Duke puts up more than USD 5 million in bail.
1989
1989 The Government of the Philippines brings court cases against Marcos in the United
States District Court for the Central District of California and the United States
District Court for the District of Hawaii. These civil cases were dropped by the
government when the Marcos family agreed to transfer to the Philippine
Government certain assets held in the US.
10
                                             
9
  The Swiss Federal Supreme Court judgment, ATF 113 lb 257, 1 July 1987 (done in French, synopsis in German).
10
  See David Chaikin, "Tracking the proceeds of organized crime – the Marcos case", Paper presented at a conference on
transnational crime, convened by the Australian Institute of Criminology in association with the Australian Federal Police and the
Australian Customs Service, Canberra (Australia), 9-10 March 2000, supra note 2, p. 5, footnote 11.6
28 September 1989 Marcos dies of a heart attack in exile in Honolulu, Hawaii.
December 1989 PCGG enters into finder's fee contract (for 10%) with Australian investigator Reiner
Jacobi to search for suspected Marcos accounts in Switzerland.
1990
March 1990 Imelda Marcos brought to trial by US federal grand jury in New York but acquitted
on all counts in July. Faces further trials in the Philippines for misappropriation of
public funds, but is not convicted.
10 December 1990 Swiss Federal Supreme Court judgment on the request of assistance filed by Swiss
lawyers Salvioni et al.
20 December 1990 Swiss Federal Supreme Court accepts that in principle the frozen assets should be
returned to the Philippines.
21 December 1990 Swiss Federal Supreme Court orders transmission of Swiss banking documents
pertaining to Marcos deposits to the Philippine Government, under the following
conditions over which PCGG expresses disappointement
11
:
• The transfer would take place without an exequatur-proceeding but
delayed until an executory decision of the Sandiganbayan
12
 or of another
court having jurisdiction over criminal matters will have been submitted.
• The transmission is deferred until an executory decision of the
Sandiganbayan or another Philippine Court legally competent in criminal
matters concerning their restitution to those entitled or their restitution or
their confiscation is presented within one year, failing which the
attachment of the assets shall be lifted on the request of the interested
parties.
• Imelda Marcos would be accorded due process of law, and that the
proceedings comply with the Swiss federal constitution and the European
Convention on Human Rights and Fundamental Freedoms.
 (See also 10 August 1995 below.)
1991
1991 The US Court of Appeals for the Ninth Circuit issues a ruling in favor of the Marcos
victims in the SELDA case submitted on 7 April 1986, reversing earlier Federal Court
decision.
June-July 1991 Co-counsel Velez dies, replaced by Romeo Capulong, who questions lack of written
agreement between SELDA and Robert Swift. Different interpretations of input
required and rewards to be reaped (fees, compensation for victims) leads to
relations between SELDA and Swift starting to go sour.
1991 PCGG chairman David Castro lends support to Jacobi's covert "Operation Domino",
which seeks to locate undocumented Marcos accounts. Operation continues for
                                             
11
  See the Swiss Federal Supreme Court judgment, ATF 116 lb 452, 21 December 1990 (done in French, synopsis in German). See
also the Philippines asset recovery statement, supra note 7.
12
  The Sandiganbayan is a special Filipino court with "jurisdiction over criminal and civil cases involving graft and corrupt practices
and other offenses committed by public officers and employees, including those in government-owned or controlled
corporations". (See also http://sandigan.supremecourt.gov.ph/index.html)7
years before being abandoned.
 However results in a criminal investigation by the Zurich district attorney into
Jacobi's and an associated informant's activities.  The district attorney requests
Jacobi's extradition from Germany on charges of economic espionage. The Munich
Higher Regional Court rejects the request on 17 July 1991.
13
 (See note at 17
December 1991 below.)
19 July 1991 The Zurich district attorney suspends international legal assistance in relation to the
Marcos case on account of "serious violation of the sovereignty of the canton of
Zurich, and of the contempt of the provisions governing letters rogatory". The
Philippine Government thereupon cancels Jacobi's official appointment.
17 December 1991 PCGG files civil case no. 141 in Sandiganbayan seeking to recover Marcos properties
and assets, just four days before the 21 December 1991 deadline imposed by Swiss
Federal Supreme Court judgment of 21 December 1990. Delay was partially caused
by Swiss review of banking documents, in order to protect "non-participatory third
parties", which resulted in editing and initial non-transmission of some documents.
Furthermore, Swiss lawyers are not permitted to gather evidence on behalf of
foreign clients, so the three lawyers the PCGG hired (Salvioni et al.) were
handicapped. Finally, the PCGG itself apparently did not carry out the requisite
international tracing exercises.
1992
11 May 1992 Defense secretary Fidel V. Ramos, endorsed by Aquino, wins presidential elections,
declares "national reconciliation" highest priority. Imelda Marcos also ran for the
presidency, came fifth in a seven-way race.
9 September 1992 The SELDA class action suit filed on 7 April 1986 comes to trial in the Hawaii District
Court, having been consolidated with two direct-action cases. The case is dealt with
in three parts, addressing liability, exemplary damages and compensatory damages.
22 September 1992 Hawaii District Court issues judgment in favor of Marcos victims, finding Marcos
committed gross human rights violations and the estate of Marcos liable to pay
damages to the victims.
24 September 1992 Plaintiffs win a favorable liability verdict. (See 23 February 1994 and January 1995
below for further judgments.)
1993
1993 Marcos' embalmed body returned to the Philippines and placed on permanent
display in a home town mausoleum.
 SELDA seeks recognition from Hawaii District Court as organization to represent
victims and guide lead lawyer in negotiations. SELDA Counsel Robert Swift opposes
his own clients' motion in court.
8 March 1993 Swiss Federal Supreme Court passes judgment on the admissibility of an appeal to
the Federal Administrative Court against a decision of the Federal Police Office
                                             
13
  An English version of the German extradition judgment of 17 July 1991 is available at
http://www.zoominfo.com/people/Jacobi_Reiner_27063081.aspx8
establishing a "leading canton" in the Marcos case.
14

28 December 1993 Ramos government enters into 75%/25% sharing agreement with Marcos family
through PCGG chairman Magtanggol Gunigundo. (See 9 December 1998 below.)
1994
23 February 1994 The jury in the SELDA case in Hawaï awards USD 1.2 billion in exemplary damages.
(See January 1995 below for further judgments.) The decision is based on UN
Convention against Torture and on Alien Tort Claims Act or Alien Tort Statute (antipirate law of 1789, allows suits against people living in and businesses registered in
USA for crimes committed abroad).
22 October 1994 Some SELDA members form Claimants 1081, a breakaway claimants group led by
Etta Rosales. Many claimants became confused, as rival groups issued contradictory
statements, all "on behalf of the victims".
1995
1995 Imelda Marcos elected congresswoman and son Ferdinand Jr. elected congressman.
18 January 1995 The jury in the Hawaii case, in addition to a separate judgment that was concluded
in February 1994 and in which USD 1.2 billion were  awarded in exemplary
damages, awards approximately USD 750 million in compensatory damages.
 On appeal by Imelda Marcos, the United States Court of Appeals for the Ninth
Circuit upholds the judgments for (together) nearly USD 2 billion in exemplary and
compensatory damages to thousands of surviving victims. As there are no funds
available to fulfill the award, the court attempts to fulfill it with Marcos funds frozen
in Swiss bank accounts via the California branches  of Swiss banks - a violation of
Swiss sovereignty.
 Victims later enter into a compromise agreement with the Marcos family for a USD
150 million settlement, with the Philippine government undertaking to allow the
release of said amount from the Philippine National Bank (PNB) escrow account, but
the Sandiganbayan finds the agreement to be contrary to public policy and the
proposed funding to be without any legal basis.
 The Hawaii court terminates the settlement in 2001.
 Based on the reparations judgment in Hawaii, SELDA Counsel Robert Swift claimed
USD 500 million share of the total damages payable  to Filipino torture victims.
Attempts to get hold of funds (blocked in Schweizerischer Bankverein (now UBS)
and Schweizerische Kreditanstalt (now Credit Suisse) since Marcos' fall) prove
difficult.
10 August 1995 Petition for "anticipatory restitution" pursuant to the exception under paragraph 74a
of the Swiss Federal Act on International Criminal  Assistance, IMAC submitted by
the Philippine Government to a Zurich district attorney, seeking modification of the
Swiss Federal Supreme Court judgment of 21 December 1990. The aim was to
enable the assets to be transferred under escrow before the rendering of a final
judgment in the Philippines.
15

                                             
14
  The Swiss Federal Supreme Court judgment ATF 119 lb 56, 8 March 1993 (done in French, synopsis in German).
15
  See Philippines asset recovery statement, Jordan 2006, supra note 7.9
21 August 1995 Zurich district attorney issues unprecedented order partially modifying 21 December
1990 judgment and ordering "anticipatory transfer" of assets.
16
1995 End 1995 Robert Swift obtains court order for  confiscation of funds held in US
branches of the Swiss banks involved equal to amount of Marcos wealth blocked in
Switzerland. UBS and Credit Suisse are thus at risk of having to pay the money out
twice, once in context of international legal assistance to Philippine Government (in
Switzerland) and a second time in favor of the Filipino torture victims (in the USA).
13 September 1995 PCGG chairman Gunigundo and Robert Swift sign a memorandum of agreement for
compromise with Ramos government, accepting a USD 100 million (USD 50 million
from Marcoses and USD 50 million from government's claim on Swiss deposits) in
exchange for dropping class action ("...dismissing  with prejudice, all execution
proceedings, commenced by plaintiffs"), possibly granting the Marcos family
immunity from future suits, and dropping all criminal and civil suits against them.
SELDA condemned the Swift-Gunigundo agreement as illegal and immoral, leading
to Ramos not signing the agreement.
17
1996
1996 Swift's request for release of Swiss deposits denied because the civil attachment he
obtained can not prevail over the Republic’s criminal attachment over stolen assets.  
 All Filipino torture victims' claims to share of the Marcos funds categorically
repudiated until 1996 by banks and Swiss Government, as funds blocked on
account of international legal assistance by Switzerland to the Philippines. The
Philippine Government was making efforts to repatriate funds to the Philippines. It
assumed - in contrast to the Marcos family - that it was dealing with wealth Marcos
had diverted from the Philippine exchequer and deposited abroad. The two
opposing parties' divergent demands led to legal and political negotiations
progressing slowly over many years.
January 1996 Banks invited representatives of the Philippine and Swiss governments, Marcos
family and torture victims to mediation in Hong Kong to arrive at an out-of-court
settlement. No result was achieved.
December 1996 Imelda Marcos' appeal denied by US Court of Appeals for the Ninth Circuit. Court
affirms earlier decision favoring 10,000 victims.
1997
March 1997 US Supreme Court lets Appeal Court decision stand. This final decision rendered the
class action suit a legal precedent in the history  of international human rights
jurisprudence which can be invoked by human rights victims the world over.
25 May 1997 Robert Swift files motion through Filipino lawyers in Makati Regional Trial Court for
court enforcement of a foreign judgment, as attempt to oust SELDA from the class
action suit.
10 December 1997 Swiss Federal Supreme Court takes a decisive step  out  of  stale-
                                             
16
  See fn 19 supra.
17
  According to the Society of Ex-Detainees for Liberation from Detention and for Amnesty SELDA. See
http://www.philonline.com.ph/~krptn/Campaigns/mdl840/mdl840.html10
to January 1998
18
 mate by issuing decision to transfer contested USD 540 million of Marcos loot to
custody of Sandiganbayan. These are the funds originally frozen in Switzerland as a
consequence of the Philippine Government's asset recovery efforts that resulted
from the Malacañang documents. The original USD 540 million later grew to
USD 658 million on account of interest when they finally reach the Philippines in
2003 and are placed in a PNB escrow account.
 The Philippine Government request for anticipatory restitution of frozen assets was
possible under the Swiss Federal Act on International Criminal Assistance, IMAC.
This revised law makes it in principle essential for the country to which the funds
are to be restituted to prove the illegal origin and the legal owner of the funds with
a legally binding judgment. In its judgment of 10 December 1997, the Swiss
Federal Supreme Court fully exploited room for maneuver available in the revised
law, in order to make the transfer of the Marcos wealth to the Philippines possible
even without a binding legal judgment, under the condition that the Philippine
Government "inform the Swiss authorities of the current status and to regularly
inform it of substantive developments [...] concerning provisions and procedures for
the payment of reparations to the victims of human  rights violations under the
Marcos regime"
19
, amongst other things.
20
 The Republic of the Philippines guarantees that the decision about the seizure or
restitution of the assets to the entitled parties would be taken in judicial
proceedings which satisfy the procedural guarantees as established in art. 14 of the
International Covenant on Civil and Political Rights of December 16, 1966 (ICCPR).
 New aspect: Swiss Federal Supreme Court ascertained that the Philippines
proceedings satisfied relevant human rights principles, and based its decision not
solely on Swiss legislation and on the Swiss Federal Act on International Criminal
Assistance, IMAC. , but also gave similar weight, if not more, to Switzerland's and
the Philippines’ international obligations. In this respect, the Swiss government
stated that "respecting human rights specifically belongs [to these obligations], and
the civil service and the courts, as the executive  bodies of the international legal
system, are called upon to implement it".
21
 This decision closed gap in
interpretation of national and international legal  norms which had blocked Marcos
case for years.
 However, obstacles to implementing these court decisions remained: According to
Hawaiian judgment, Filipino torture victims are to  be compensated from Marcos
estate. Legitimate claim contained formal dilemma:  funds in Switzerland are not
part of the Marcos heirs' private estate, but have been stolen from the Philippines.
The Swiss Federal Supreme Court circumvented dilemma by reminding the
Philippine Government (with reference to the UN Convention against Torture) of the
rights of the victims of human rights violations to seek redress before a court. This
led to substantial legal and political battles in the Philippines concerning
reconciliation of the liability of the Marcos estate for payment of the judgment of
the Hawaii case and the compliance obligations under the ICCPR.
 Question concerning who should pay the 10’000 plaintiffs in the SELDA case very
closely linked to question of how the funds transferred from Switzerland to an
escrow account in the Philippines should be used. In this regard, two substantial
                                             
18
  Two judgments on 10 December 1997, six judgments on 7 January and two judgments on 15 January 1998.
19
  The Swiss Federal Supreme Court judgments: BGE 123 II 595, 10 December 1997, as well as of the 19th and 22nd of December
1997 (done in German, synopsis is in French), also available from ICAR - Auszug aus dem Marcos Urteil, 10 December 1997.
20
  The Swiss Federal Supreme Court judgment, BGE 123 II 595, 10 December 1997 (done in German, synopsis in French).
21
  Ibid. In this context the Swiss Federal Supreme Court referred, amongst other things, to an interesting article by Daniel Thürer,
«Internationales "Rule of Law" - innerstaatliche Demokratie» ["International 'Rule of Law' - National Democracy"], in the Swiss
Journal for International and European Law [Schweizerische Zeitschrift für internationales and europäisches Recht], no. 4/1995,
at p. 455-478, and p. 471 in particular.11
positions were held:
 First position held, amongst others, by the Government of the Philippines, is that
recovered funds belong to state in their entirety (tied to agricultural reform by a
law passed precisely for this purpose). Hawaii judgment obliges Marcos family to
pay reparations.
 Second position demands USD 150 million of blocked funds for reparation
payments. This position was held primarily by representatives of torture victims,
based on (controversial) agreement between the US torture victims' lawyer, Robert
Swift, Marcos family and the Philippine Government, and on commitments made by
the Philippine Government to the Swiss Federal Supreme Court.)
1998
11 May 1998 Joseph Estrada elected President of the Philippines. Imelda Marcos' presidential bid
previously withdrawn in favor of friend and ally Estrada. Election of Estrada signals
start of re-ascendance of the Marcos family and cronies. Estrada's governance
considered wayward. Popularity soon declines amid allegations of cronyism and
corruption.
April/June/July 1998 Marcos funds confiscated in Switzerland arrive in the Philippines and are placed  in
PNB escrow account (custody of Sandiganbayan), pending final ownership decision.
29 June 1998 Sandiganbayan finds Imelda Marcos guilty of charge of “entering into an agreement
disadvantageous to the government”. Supreme Court reverses decision on appeal,
reasoning that Sandiganbayan Justice Francis Gatchitorena was biased.
7 August 1998 Article 5, Part III of the Comprehensive Agreement on Respect for Human Rights
and International Humanitarian Law, signed by President Estrada, stipulates
responsibility of government to recognize and respect rights of victims for justice
and indemnification. Victims to be given the first 30% of the PNB escrow deposit.
14 September 1998 President Estrada promises a USD 171 million "Christmas gift" for 9,539 victims of
human rights violations during the Marcos regime.
28 September 1998 Settlement conference in US regarding indemnification of Marcos' victims, attended
by Robert Swift but not by SELDA.
October 1998 Imelda Marcos acquitted of graft charges in the Philippines.
9 December 1998 Philippine Supreme Court declares agreement of 28 December 1993 invalid, under
which the PCGG had agreed with the Marcos family on a 75%-25% split of the
money held on the escrow account.
December 1998/ President Estrada still studying "possibility of giving immunity to
January 1999 Marcos family".
1999
25 February 1999 Announcement of settlement and compromise between Estrada, Swift and the
Marcos family, hailed as "final victory" by Swift and Claimants 1081.
 SELDA rejects agreement; states that there has been no consultation with victims,
nor transparency in negotiations; that the agreement virtually grants the Marcos
family and the government immunity and exonerates the Marcos family; and that,
while the process for lawyers to get their fees is  clearly determined, it remains
vague as to how the victims will be indemnified. 12
June 1999 Philippine Senate Committee on Accountability of Public Officers and Investigations
("Blue Ribbon committee") inquires into "alleged existence of PCGG-Swiss bankers'
conspiracy to hide and divide the Marcos wealth".
November 1999 From 1986 to November 1999, PCGG files a total of 852 cases before various courts
and enters into 33 compromise settlements with various Marcos cronies, in
exchange for either information or the surrender of ill-gotten property.
2000
May 2000 Salonga alleges that President Joseph Estrada "had been peddling the myth" that
nothing has been recovered even before taking office in 1998, "in the desire to
convince the nation that it would be better to reach a compromise agreement with
the Marcos family rather than incur more litigation expenses."
September 2000 Filipino anti-corruption court Sandiganbayan's first division makes prima facie
decision that entire USD 627 million of Marcos funds that had been repatriated from
Switzerland were to be considered property of the Philippines. Rejects any
agreement for torture victims to receive a share ”for lack of legal basis”. Thus
blocked monies have to be used for agricultural reform. Decision contested by
Marcos family. (cf. also 1 February 2002 below)
 Filipino human rights organizations are split into two factions, some (supported by
Swift) want to reach settlement with all parties concerned, including Marcos family,
in order to obtain reparation payments. Vehemently  opposed by other side as a
betrayal of the rights of the victims and of the principles involved.
22
September 2000 Class of human rights victims files a case against Merrill Lynch in Hawaii, alleging
that it is holding Marcos assets in the name of Arelma Inc, a Panamanian
corporation.
21 September 2000 Merrill Lynch files interpleader action covering assets of Arelma (now approximately
USD 35 million), to avoid having to defend itself against the class lawsuit, for which
human rights victims were impleaded, together with the Philippines, the PCGG, the
estate of Roger Roxas, Golden Budha (sic) Corp, the Estate of Ferdinand E. Marcos,
among other defendants.
October 2000 Estrada accused of taking millions of  pesos in illegal gambling business payoffs.
Impeached but trial in senate breaks down when senate votes to block examination
of president's bank records. Massive street protests for Estrada's resignation.
2001
20 January 2001 Armed forces withdraw support for Estrada; he is forced from office.
 Vice-president Gloria Macapagal-Arroyo (daughter of late president Diosdado
Macapagal) sworn in as successor on day of Estrada’s departure.
2002
1 February 2002 Five Sandiganbayan special division justices reverse ruling of first division of
                                             
22
  According to Catharine MacKinnon, it is detailed in the Sandiganbayan's judgment that, of lawyers fees amounting to a total of
USD 40 million envisaged, approx. USD 34 million alone would go to the law offices of US lawyer Robert Swift.13
September 2000, contested by Marcos family. The court said the government had
not complied with the rules on authentication of documents. PCGG represents
government.
 Recovery of other funds (if any) remains in question.
August 2002 Haydee Yorac, 11th chair of PCGG, reported to have said that government has
recovered about USD 2 billion.
23
 Yorac said that when she assumed office, records at the commission were in
disarray and many documents missing. She also said  she suspected corruption of
former lawyers and officials was another reason for the slow pace of recovery.
31 December 2002 PNB reports escrow account of Marcos family at the PNB now contains USD 676
million (on account of interest).
2003
2003 West LB, a Singapore Bank confronted with competing claims for money originally
hidden by Marcos, deposits money to the Singapore High Court. The Philippine
Government asserts that it was awarded the money by the Philippine Supreme
Court in July 2003.
13 May 2003 Bangko Sentral ng Pilipinas (BSP) has no authority to freeze or even examine bank
accounts of the Marcos family and his cronies. PCGG has to secure prior order from
Sandiganbayan anti-graft court to freeze or "sequester" suspect assets. (Cf. 11
March 1986 above).
11 July 2003 Marcos deposits held in escrow by the PNB cannot be used for anything other than
the Comprehensive Agrarian Reform Programme in 2004 budget, as repatriated
Marcos monies have been earmarked for agrarian reform under the Comprehensive
Agrarian Reform Law (CARL). Should the need arise to use the funds for a different
purpose, then this could only be achieved through an amendment of the CARL.
15 July 2003 Philippine Supreme Court rules that the funds transferred from Switzerland are illgotten and must therefore be handed over to the Philippine Government,
confirming the Swiss Federal Supreme Court's decision concerning the illegitimate
origin of the funds. The money is to be used to buy land for distribution to poor
farmers. Marcos family immediately appeals the decision.
5 August 2003 Swiss and Filipino authorities express their satisfaction over the positive conclusion
of the Marcos case. No more decisions are expected  from the Swiss authorities in
this matter now
24
. Both governments are of the opinion that following the Philippine
Supreme Court ruling of the 15
th
 of July 2003, the funds transferred from
Switzerland and located in a PNB escrow account since 1998 can now be
transferred into the care of the government of the Philippines.
 In a parliamentary query to the Swiss governement submitted on 18 March 2004,
Swiss member of parliament Remo Gysin questions this in light of the fact that no
provision was taken to compensate the victims of the Marcos regime's human rights
abuses. In response to this parliamentary query, the Swiss Government answers
that national regulations are national governments' business, and that a law
addressing compensation for the victims of the Marcos regime's human rights
abuses is in preparation in the Philippine parliament.
                                             
23
  According to Asia Week, 11 August 2000 and Manila Times, 02 August 2002.
24
  See http://www.ejpd.admin.ch/ejpd/en/home/dokumentation/mi/2003/ref_2003-08-05.html or ICAR - Swiss Federal Office of
Justice, Press Release, 5 August 2003. Marcos case closed.14
 PCGG Commissioner Vyva Aguirre says government is now "not waiting for anything
anymore", and Rod Domingo, lead lawyer for human rights victims, says release of
the Swiss funds "draws 9,539 victims of Marcos' martial rule nearer to their
compensation. Congress has yet to pass a valid and  constitutional law which can
withstand legal scrutiny though".
September 2003 Ongoing fight over the Marcos millions is further complicated when district court of
Hawaii places global freeze order on the Marcos assets. The Philippine Government
appeals the freeze order to the Ninth Circuit in California. The appeal is dismissed
on 28 December 2004 - see below.
18 November 2003 Philippine Supreme Court upholds its July ruling and criticizes Hawaii court for
overstepping its jurisdiction.
2004
4 February 2004 Funds held in PNB escrow account are remitted to Philippine treasury by PCGG as a
result of the Philippine Supreme Court decision of 15 July 2003.
25
16 February 2004 West LB commenced interpleader proceedings in the Singapore High Court and was
granted interpleader relief on 24 March 2004. The Funds hidden by Marcos and for
which multiple ownership claims have been issued were ordered to be held in a
bank account in Singapore for the credit of the interpleader proceedings. All the
other banks had earlier released the full amounts held by them to PNB escrow
account in compliance with the Philippine Supreme Court decision of 15 July 2003,
affirmed by the full court on 18 November 2003 forfeiting the Swiss deposits in
favor of the Philippine Government.
30 June 2004 Macapagal-Arroyo re-elected to six-year term as president.
8 July 2004 Sandiganbayan issues warrant of arrest  for Marcos crony Herminio Disini for
allegedly taking bribes for securing a government con in the 1970s to build the
long-mothballed Bataan nuclear power plant. Disini  was indicted by state
prosecutors for allegedly using his influence to win the bid for the nuclear plant
project for two American companies, Burns and Roe and Westinghouse Electrical
Corp., in exchange for USD 18 million in bribes. Marcos allegedly also received
kickbacks. Disini's whereabouts are unknown, however.
15 July 2004 US district Judge Manual Real in Hawaii orders that USD 40 million held by finance
company Arelma Inc set up by Marcos be used to start paying victims of his regime
who were awarded damages in 1994. The Arelma Inc appeals the ruling.
 The Philippine Government, though it "welcomes the spirit of the US court decision"
says that the Federal Court ruling handed down by a US district Judge Real cannot
be enforced on the Philippines as a sovereign state outside the jurisdiction of the
US court, and victims will be compensated under national laws of the Philippines. A
spokesperson adds that the government is "committed to the compensation of
human rights victims".
28 December 2004 The Ninth Circuit in California finds the Philippine Government to be a non-party to
a global freeze order placed on the Marcos assets by the district court of Hawaii.
The government lacks standing to challenge the order and the court dismisses the
appeal.
                                             
25
  See Philippines asset recovery statement, Jordan 2006, supra note 7.15
2005
4 February 2005 The Philippine National Bank petition to US Ninth Circuit Court of Appeals for a writ
of mandamus to prevent the district court from pursuing contempt and discovery
proceedings against the bank because of the bank's  transfer of funds to the
Republic of the Philippines pursuant to a judgment of the Philippine Supreme Court.
Ninth Circuit Court concludes that the district court's orders violated the act of state
doctrine, and it accordingly issues the writ.
11 February 2005 President Arroyo says spending of  recovered Marcos wealth transferred to the
national treasury was legal. Law states that all alleged ill-gotten wealth recovered
from the Marcos family must first be earmarked for  land reform. Bill pending to
amend law, to use some of the wealth to compensate Marcos human rights victims.
July 2005 Filipinos rate Marcos as best of country's last five presidents in a poll. Out-polls his
successor 'People's Power' leader Corazon Aquino.
2006
4 May 2006 Philippine Government said to be considering compromise with Imelda Marcos,
seeking an out-of-court settlement to end a global  hunt and litigation over the
Marcos family's fortune. PCGG said "exploratory talks" with the Marcos lawyer
Robert Sison had been held and it had asked Sison to submit a list of assets held by
the Marcos family.
4 May 2006 US Ninth Circuit Court of Appeals rules that the Republic of the Philippines is not an
indispensable party to an interpleader action in which victims of human rights
violations claimed compensation. The Court of Appeals previously held that the
Republic was a necessary party, but was protected by sovereign immunity. Thus, a
ruling that it was an indispensable party would have compelled dismissal of the suit.
Court now concludes that "equity and good conscience" can allow suit to continue.
Human rights abuse victims can thus recover about USD 35 million being held by
Merrill Lynch, Pierce, Fenner and Smith, Inc. in an account set up by a Marcos
corporation, Arelma, Inc. Senior Judge John T. Noonan Jr., writing for the court,
noted that the account is in the United States and  cannot be finally disposed of
except by the judgment of a court in the US. The case is Merrill Lynch, Pierce,
Fenner and Smith, Inc. v. Arelma, Inc., 04-16401.
18 August 2006 Swiss Federal Supreme Court countermands freezing of accounts relating to Disini,
as the Philippines has not presented confiscation judgment.
26

29 December 2006 On 8 March 2006, the Philippine Government applies for and is granted leave to
join in the interpleader proceedings solely to assert state immunity to the Funds.
On 27 December 2006, the Singapore High Court dismisses an application filed by
the Philippine Government pursuant to the Singapore State Immunity Act to, inter
alia, stay the claims of all other claimants to the Funds which comprise of USD 23
million Marcos funds of money originally hidden by Marcos in a Swiss bank before
being transferred to Singapore. The Philippine Government appealed this decision
to the Singapore Court of Appeal and the appeal is  pending. Swift says it is a
significant victory on the way to obtaining a final verdict for the entire USD 23
million of Marcos funds. Singapore is not a signatory to the UN Convention Against
Corruption.
                                             
26
  The Swiss Federal Supreme Court judgments: 1A.335/2005, 23 March 2007, 1A.27/2006, 21 February 2007.16
2007
7 February 2007 Bicameral Committee of the Congress of the Philippines approves consolidated bill,
providing compensation to human rights victims under the Marcos regime.  The
Senate thereafter approved the consolidated bill before it went into recess.   The
bill has been certified as a priority bill by President Gloria Macapagal Arroyo and will
become law after the House formally approves it.
2007 The legacy of the Marcos dictatorship is an economy struggling to pay interest on
its foreign debt and a seriously compromised democracy, struggling to shake off
corruption.
 The existence and whereabouts of the Marcos billions remains unconfirmed, despite
detailed international investigations.
 Just over 17 years after the Marcoses' flight from the Philippines, a part (USD 658
million) of the alleged Marcos billions was returned to the government. More than
20 years after the end of the Marcos presidency, many of the assets believed stolen
from the Philippines by the Marcos family have still not been returned to the
government. The latter is again said to be open to  an out-of-court settlement to
finally lay the Marcos era to rest.
Compiled from public articles and documents by the  Basel Institute on Governance/International Centre  for
Asset Recovery ICAR (Gyan Sharan Bitterli). Statements do not necessarily reflect the opinion of the Basel
Institute on Governance or ICAR. Comments from several participants at the May 15-16 Workshop at Asset
Recovery held in Basel, Switzerland, including from the Philippine Presidential Commission on Good
Government (PCGG) have been incorporated. This document is intended to be used for instructional purposes
and is not an exhaustive listing of all events in the Marcos proceedings. It remains work in progress  and
amendments and comments are welcome and will be reviewed and inserted as appropriate.

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