Singapore court awards Marcos millions to Philippine National Bank:
SINGAPORE—Singapore's High Court has ruled that more than $23 million seized from the estate of late Philippine dictator Ferdinand Marcos rightfully belongs to a Philippine bank.
In a 77-page ruling obtained Thursday by AFP, Justice Andrew Ang dismissed the rival claims of the Philippine government, a group of human rights victims and five foundations believed to be Marcos fronts.
He ruled that the money— deposited in the Singapore branch of German bank WestLB—belongs to the now privately-owned Philippine National Bank (PNB).
"I am of the view that PNB holds legal title to the funds as trustee of the same," Ang said in his judgement issued...
Keep on reading: Singapore court awards Marcos millions to Philippine National Bank
SINGAPORE—Singapore's High Court has ruled that more than $23 million seized from the estate of late Philippine dictator Ferdinand Marcos rightfully belongs to a Philippine bank.
In a 77-page ruling obtained Thursday by AFP, Justice Andrew Ang dismissed the rival claims of the Philippine government, a group of human rights victims and five foundations believed to be Marcos fronts.
He ruled that the money— deposited in the Singapore branch of German bank WestLB—belongs to the now privately-owned Philippine National Bank (PNB).
"I am of the view that PNB holds legal title to the funds as trustee of the same," Ang said in his judgement issued...
Keep on reading: Singapore court awards Marcos millions to Philippine National Bank
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