Palace: US high court decision on Marcos wealth is 'precedent'
06/13/2008 | 06:10 PM
MANILA, Philippines - Malacañang said Friday that the US Supreme Court decision on the ownership dispute over the $35 million invested at the Merill Lynch Company will serve as precedent and influence other cases pending before other courts abroad.
"Of course we welcome this as it sets a precedent for other litigations abroad involving the Philippines," Press Secretary Ignacio Bunye said.
Solicitor General Agnes Devanadera, who is on her way to the Switzerland to follow up the other cases, also believes that "this case will favorably affect all other litigation abroad."
The US High Court in its June 12 decision overturned a ruling of a California appeals court that sided with the human rights victims during the Martial Law period.
Lawyers for Martial Law victims have argued that the Merill Lynch investment should be considered part of a $2-billion indemnity judgment against the Marcos estate and thus should be given to victims.
The US Supreme Court, however, agreed with the Philippine government's argument that the dispute over the ownership of the money should be settled in Philippine courts.
The Court also "on grounds of sovereign immunity, comity, and dignity interests" dismissed the case of interpleader filed by Merill Lynch.
The Merill Lynch investment was allegedly set up in 1972 by then President Ferdinand Marcos through Panamanian firm Arelma S.A., that invested $2 million with Merrill Lynch, Pierce, Fenner & Smith Inc., in New York.
By 2000, the money had grown to $35 million. - GMANews.TV
"Of course we welcome this as it sets a precedent for other litigations abroad involving the Philippines," Press Secretary Ignacio Bunye said.
Solicitor General Agnes Devanadera, who is on her way to the Switzerland to follow up the other cases, also believes that "this case will favorably affect all other litigation abroad."
The US High Court in its June 12 decision overturned a ruling of a California appeals court that sided with the human rights victims during the Martial Law period.
Lawyers for Martial Law victims have argued that the Merill Lynch investment should be considered part of a $2-billion indemnity judgment against the Marcos estate and thus should be given to victims.
The US Supreme Court, however, agreed with the Philippine government's argument that the dispute over the ownership of the money should be settled in Philippine courts.
The Court also "on grounds of sovereign immunity, comity, and dignity interests" dismissed the case of interpleader filed by Merill Lynch.
The Merill Lynch investment was allegedly set up in 1972 by then President Ferdinand Marcos through Panamanian firm Arelma S.A., that invested $2 million with Merrill Lynch, Pierce, Fenner & Smith Inc., in New York.
By 2000, the money had grown to $35 million. - GMANews.TV
