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IN THE NEWS
AUG 01, 2000

3 KILLED, R.P. AMBASSADOR HURT IN INDON BLAST

3 DEAD, 36 WOUNDED IN CARNIVAL BOMBING

ABU SAYYAF TO RELEASE REMAINING HOSTAGES IN ONE BATCH

850 PASSENGERS RESCUED FROM BURNING SUPER FERRY

AMERICAN SERIAL RAPIST PLACED ON WATCHLIST

PAYATAS RESIDENTS FILE P1-B CLASS SUIT

R.P. SEEKS HK HELP ON MARCOS DEAL

FIRST LADY OPENS FILIPINO FILM FESTIVAL IN NEW YORK

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IN THE NEWS


Mrs. Imelda Marcos, 
wife of the late 
President Ferdinand Marcos

R.P. SEEKS HK HELP ON MARCOS DEAL

MANILA, Aug. 1  -- The Philippines has asked Hongkong authorities to verify reports that former First Lady Imelda Marcos hired bounty hunters to recover billions of dollars from Hongkong bank accounts.

Executive Secretary Ronaldo Zamora said that a special body tasked with recovering the Marcos wealth, had been ordered to "communicate with the Hongkong authorities to try to find out what is really the truth" of the case.

Four Chinese allegedly hired by Mrs. Marcos, wife of the late President Ferdinand Marcos, were arrested by corruption investigators in Hongkong as they plotted to pay off Hongkong and Shanghai Banking Corporation (HSBC) officials to get to alleged Marcos money in the bank.

An associate of the Marcos widow said in Manila last week that Marcos had terminated the deal, in which the bounty hunters would have received 35 per cent of all money recovered, because of "bad faith."

The four went before a Hongkong court last July 27, but no pleas were taken and the case has been adjourned to Aug. 31. 

The conspiracy reportedly began last November when one of the Chinese allegedly obtained information that the Marcoses had deposited more than $20 billion with HSBC and the Bank of China and that Imelda Marcos was willing to pay to recover the money.
Zamora said that while the government knew the Marcoses had accounts in Hongkong banks, these contained only "nominal amounts" and that there was no proof any huge amount of money was stashed
away.

"Let us see if they have discovered anything," he said, adding "if they have found anything, that is good for us."

The money is believed to be part of the Marcos family's stolen wealth amassed by Marcos during his two decade-long dictatorship.

A popular revolt ousted Marcos in 1986 and sent him into exile in Hawaii where he died three years later. Imelda Maros and their children were subsequently allowed to return to the Philippines.

In 14 years of litigation, the Philippines has yet to recover a single cent from the Marcos wealth, which some experts place at $10 billion. (SNS)

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