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The Philippines’ claim on $23 million its late president Ferdinand Marcos had looted and held in trust at West Landesbank AG’s Singapore branch was dismissed by a Singapore Court.
Justice Andrew Ang dismissed competing claims by the Philippines, citizens who suffered human rights abuses during Marcos’s rule and five others seeking access to the funds kept in the branch.
He allowed a claim by the Philippine National Bank, controlled by Lucio Tan, because it has legal title to the funds, according to a 75-page decision made public today. West Landesbank asked Singapore’s High Court in 2004 to help determine the owners of the money, part of what the judgment said was $567 million in ill-gotten gains of the Marcos family and his aides in various bank accounts.
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