Imelda Marcos to Sue Husband's Associates to Recover His Wealth
December 7, 1998 - 0:0
MANILA, Philippines The widow of dictator Ferdinand Marcos claims her family owns much of the country and plans to sue her husband's former associates who have refused to turn over the wealth, a Manila newspaper reported Saturday. Mrs. Imelda Marcos and her lawyers are planning to sue to try to recover up to 1 trillion pesos ($25.3 billion) in equity in more than 100 top Philippine corporations that were allegedly entrusted by Marcos to his associates, the Philippine daily Inquirer said.
``We practically own everything in the Philippines,'' Mrs. Marcos was quoted as saying. She said her family had interests, among others, in electricity, telecommunications, airlines, banking, beer, newspaper publishing, oil, hotels and beach resorts. Mrs. Marcos and her lawyers were unavailable for comment. But a source close to her confirmed her plans to sue. According to the Inquirer, Mrs. Marcos claims that the money used by Marcos' cronies to acquire majority stakes in Philippine blue-chip companies came from ``legitimate earnings'' of the Marcoses. A senior official, however, scoffed at Mrs. Marcos' plans.
``I cannot imagine how she can file such a case,'' said Ronaldo Zamora, President Joseph Estrada's executive secretary. ``It's very difficult for anybody to say that we own everything in the Philippines because then the next question would be, `how did you get that,' '' Zamora said. The report quoted Mrs. Marcos as saying that her family had controlling interests in such companies as the Philippine Long Distance Telephone Co., the biggest telecommunications firm in the country, in which Hong Kong-based first Pacific recently acquired controlling interest; as well as San Miguel Corp., the largest food and beverage conglomerate in the nation.
She was also quoted as including in the companies United Coconut Planters Bank and Allied Bank and Asia Brewery both owned by business tycoon Lucio Tan, who is also chairman and majority owner of the ailing Philippine Airlines. Mrs. Marcos told the Inquirer she held various deeds of trust, deeds of assignment and stock certificates showing her husband's ownership of these companies.
``There is such a principle in law that the person who is not entitled to the assets, the property or the funds, holds it in trust for the real owners,'' the report quoted Mrs. Marcos' lawyer, Rey Dario, as saying. ``Mrs. Marcos wants to recover everything that had been forcibly taken from her by the government as well as those that the cronies refused to turn over to her,'' he was quoted as saying.
The Philippine government has made its own claims on Marcos' wealth, including about $570 million in his Swiss deposits now held in an escrow account in a Philippine Bank. The government says Marcos illegally enriched himself during his 20-year administration. His Swiss accounts are also being claimed by 9,539 Filipinos who won a class-action lawsuit for human rights violations against the Marcos estate and were awarded $2 billion in damages.
Marcos was ousted in a popular revolt in 1986 and died in exile in Hawaii three years later. He had denied any wrongdoing. (AP)
``We practically own everything in the Philippines,'' Mrs. Marcos was quoted as saying. She said her family had interests, among others, in electricity, telecommunications, airlines, banking, beer, newspaper publishing, oil, hotels and beach resorts. Mrs. Marcos and her lawyers were unavailable for comment. But a source close to her confirmed her plans to sue. According to the Inquirer, Mrs. Marcos claims that the money used by Marcos' cronies to acquire majority stakes in Philippine blue-chip companies came from ``legitimate earnings'' of the Marcoses. A senior official, however, scoffed at Mrs. Marcos' plans.
``I cannot imagine how she can file such a case,'' said Ronaldo Zamora, President Joseph Estrada's executive secretary. ``It's very difficult for anybody to say that we own everything in the Philippines because then the next question would be, `how did you get that,' '' Zamora said. The report quoted Mrs. Marcos as saying that her family had controlling interests in such companies as the Philippine Long Distance Telephone Co., the biggest telecommunications firm in the country, in which Hong Kong-based first Pacific recently acquired controlling interest; as well as San Miguel Corp., the largest food and beverage conglomerate in the nation.
She was also quoted as including in the companies United Coconut Planters Bank and Allied Bank and Asia Brewery both owned by business tycoon Lucio Tan, who is also chairman and majority owner of the ailing Philippine Airlines. Mrs. Marcos told the Inquirer she held various deeds of trust, deeds of assignment and stock certificates showing her husband's ownership of these companies.
``There is such a principle in law that the person who is not entitled to the assets, the property or the funds, holds it in trust for the real owners,'' the report quoted Mrs. Marcos' lawyer, Rey Dario, as saying. ``Mrs. Marcos wants to recover everything that had been forcibly taken from her by the government as well as those that the cronies refused to turn over to her,'' he was quoted as saying.
The Philippine government has made its own claims on Marcos' wealth, including about $570 million in his Swiss deposits now held in an escrow account in a Philippine Bank. The government says Marcos illegally enriched himself during his 20-year administration. His Swiss accounts are also being claimed by 9,539 Filipinos who won a class-action lawsuit for human rights violations against the Marcos estate and were awarded $2 billion in damages.
Marcos was ousted in a popular revolt in 1986 and died in exile in Hawaii three years later. He had denied any wrongdoing. (AP)