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Saturday, January 4, 2014

Decision by Court of Appeals of Singapore Welcomed by the Philippine Government

 The Philippine government on Saturday welcomed the decision of the Court of Appeals of Singapore granting over $23 million worth of Marcos family estate to the Philippine National Bank (PNB) Pres. Commission on Good Government (PCGG) chairperson Andy Bautista said the PCGG views the Singapore decision in a positive light. The Court of Appeals of Singapore said it was compelled to reject the claims of more than 9,500 human rights victims as the relevant documents considered did not have the legal effect of transferring any proprietary interest in the funds to them. It also said it affirmed the high court ruling that the PNB held the legal title to the funds as depositor of the money as well as original account holder with West LB, the Germany based bank that held the money.    
 
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