US okays claim on Marcos fund

December 3, 2007  --  Got something to say?
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Ferdinand MarcosWASHINGTON D.C. The United States Justice department has endorsed the claim of the Philippine government on the $35 million Arelma Corporation account allegedly kept by the Marcoses in New York since the 70s, solicitor general and acting Justice secretary Agnes Devanadera said. He said the US Justice department and solicitor general submitted its opinion last week to the US Supreme Court backing the right of the Philippines to be recognized and respected as a sovereign state. She said this opinion carries a lot of weight and would be material to the decision of the US Supreme Court on who should get the money. She said the opinion also means that the US Justice department supports and favors the Philippines claim on the account over those of private individuals or groups. The account had already grown to some $30 million by then from the original $2 million when it was opened in 1972. The account is now worth around $35 million including interests.

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Posted by News Team | Filed Under US News 

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