Government lawyers and former first lady Imelda Marcos have agreed on the terms for the transfer to Philippine banks of $356 million that her husband allegedly stashed in Switzerland, an official said Tuesday.
Solicitor General Raul Goco said the government has agreed to a request by the widow of ousted dictator Ferdinand Marcos that 70 percent of the amount be deposited in a government bank and the remaining 30 percent be placed in private financial institutions.The agreement, which is to be signed after Imelda Marcos arrives from Hong Kong, will pave the way for the release of the cash by Swiss authorities who froze the accounts in 1986 when her husband was chased from power by a civilian-backed military revolt. Marcos died in Hawaiian exile three years later.
The Philippine government has claimed the Swiss accounts are part of the stolen Marcos fortune.
Under the draft agreement, the funds will be held in escrow under the names of both the government and Marcos until the courts decide their rightful owner.
"It will be deposited in the name of the two parties . . . and it cannot be withdrawn without the approval of both," Goco said.
The pact does not rule out the possibility of a compromise between Marcos and the government that could lead to the dismissal of a string of suits against the Marcos heirs that are tied to the money.
"This agreement is without prejudice to any further compromise that may be entered into by (both parties ) with respect to cases that have been filed against Mrs. Marcos and her children," it said.
President Fidel Ramos said the transfer of the money to the Philippines was a "major step" toward the recovery of the ill-gotten Marcos wealth, although the government still did not have legal possession of it.