Sandiganbayan asked to finalize forfeiture of $35-million Marcos account

MANILA, Philippines - The government asked the Sandiganbayan Friday to affirm its decision forfeiting a $35-million Marcos account in the United States.

Former first lady Imelda Romualdez-Marcos and her two children, Irene Marcos-Araneta and Ilocos Norte Rep. Ferdinand “Bongbong” Marcos Jr., have moved for the anti-graft court to reverse the decision.

Assistant Solicitor General John Emmanuel Madamba said the Sandiganbayan should affirm its April 2, 2009 decision forfeiting in favor of the government all assets, investments, securities, properties, shares, interests, and funds of Arelma Inc. being managed by Meryll Lynch Asset Management in New York.

Records show the account was opened in September 1972, and its value in 1983 was placed at only $3.3 million but because of interests, it is now worth some $35 million.

The Sandiganbayan granted a motion for summary judgment of the case based on the argument that the funds “are grossly disproportionate to the lawful income” of President Ferdinand Marcos and Mrs. Marcos.

The anti-graft court said the value of the Arelma account when it was opened “is almost 10 times the amount” which the spouses legally earned during their stay in power.

The Sandiganbayan Special Division is chaired by Associate Justice Norberto Geraldez with Associate Justices Efren de la Cruz and Teresita Diaz-Baldos as members. – Michael Punongbayan