Responsive Ad Slot




Buhay Pinay



Philippine News

Join us at Facebook!

Sandiganbayan nearing decision on P200-B forfeiture case vs Marcoses

15 November 2018

After declaring Imelda Marcos guilty, the anti-graft Sandiganbayan is nearing resolution of another case against the Marcoses: forfeiture of P200-billion from the family.

The case enrolled as Civil Case No. 0002 filed in 1987 by the Presidential Commission on Good Government (PCGG) against former first lady Imelda Marcos, her children Imee, Bongbong and Irene was already submitted for decision last August.

The Marcoses and the government have submitted their respective memoranda containing the summary of their arguments, testimonies of witnesses and documentary evidence presented in the course of the trial, which lasted about 20 years.

Fourth Division records show that the PCGG, represented by the Office of the Solicitor General (OSG), filed its memorandum on May 8, 2018 while the Marcoses filed their memorandum on July 31, 2018.

The PCGG filed the civil suit in July 1987; the information of the case has undergone three amendments until 1998.

Based on the amended case information, the Marcoses illegally amassed from government coffers a total of P200 billion during the martial law regime.

The PCGG said the Marcoses also obtained massive loans, guarantees and other types of financial accommodations from government banks through overpriced projects; received kickbacks, commissions and bribes from persons and corporations entering into contracts with the government; established monopolies in commerce particularly in agriculture and gambling; and illegal sale of various government corporations and properties.

The PCGG also accused that the Marcos couple stashed the illegally acquired wealth in several banks locally and abroad, as well as in several foundations. The PCGG said the couple used the funds in the purchase of real estate and shares of stocks.

Among the supposed ill-acquired assets of the Marcoses identified by the PCGG in its complaints were deposits at the Security Bank and Trust (P976 million) and Traders Royal Bank (P711 million); 33 parcels of residential properties with an estimated value of P18 million and a 21,700-hectare agricultural land in Leyte with estimated value of P33 million; shares of stock in Philippine Long Distance Telephone Co. (PLDT) estimated at P1.6 billion; deposits in several banks in the United States estimated at $292 million; investments in financial houses, industrial and mining corporations in the US at approximately $98 million; as well as unvalued real properties in Manhattan, Long Island and Fifth Avenue in New York, a penthouse in London, residential houses in Honolulu in Hawaii, Beverly Hills in California and Cedars in Mississippi.

Apart from seeking the forfeiture from Mrs. Marcos and her children a total of P200 billion in actual damages representing the alleged ill-gotten wealth, the PCGG is also praying to the court to order the Marcoses to reimburse the government P250 million representing the expenses incurred in its efforts to recover the wealth.

Likewise, the PCGG is seeking P50 billion in moral damages and P1 billion in exemplary damages. The PCGG said the Marcoses must also be compelled to pay temperate damages, nominal damages and other judicial costs, the amounts of which will be set by the court.

Civil Case No. 0002 is among the 43 civil cases that PCGG filed at the Sandiganbayan against Mrs. Marcos and her children since her husband’s ouster in 1986 through a people’s revolt.

The Sandiganbayan has dismissed 19 of the cases, one was indefinitely archived, while 23 others including Civil Case No. 0002 are pending. 

Suportahan natin ang ating mga sponsor:

Don't Miss