The Ill-Gotten Wealth of Marcos: Where Did it Go?
PHILIPPINES -- Ferdinand and Imelda Marcos had corrupted an estimated $10 billion from the Philippine coffers under his regime. Former President Corazon Aquino, set up a special commission to recover these funds for the government coffers and after 25 years, only $4B has been recorded.
So what are these $10Bn wealth?
The Marcoses, during the 1986 political issue had carried their wealth with their families. 89 of their family members and people carries $10,000 cash each. They also have a jet. Their air transportation has 50 pounds of gold bars and $5-10 million of currencies. It is also known that Imelda Marcos, the wife of the late dictator, has so much shoe collection.
According to the Presidential Commission Good Government (PCGG) 100 missing paintings are being sold with the Marcoses. Monet's "Le Bassin aux Nymphéas", was auctioned from New York where it has been sold for $43 million.
They have also tracked the Swiss bank accounts of the late president Marcos and the Philippine court ordered the penalty of $683 million in 2003 and in 2004. Switzerland have turned over the money.
In addition, the PCGG apprehended properties in New York that are worth of $350 Million. These includes the following: Wall Street skyscraper Fifth Avenue tower, a 13-acre estate on Long Island and the Crown Building, and a nine-story Manhattan shopping mall. The Marcoses also had several properties in Beverly Hills and two homes in Princeton Pike and Cherry Hill, New Jersey. A home vacation in the Philippines was also sold for $2Million. When all of these wealth were recorded and accounted, some of the money were still missing. A total of $4,909,910,000 are for the other Assets and $4Bn were accounted until the present when Corazon Aquino decided to use the other wealth for government coffers.
There is some wealth the government does not know according to Imelda Marcos on 2002 from her interview in Philippine Daily Inquirer. , “There is more Marcos wealth that government is not aware of. But for the time being I can only admit that there is only $800 million kept in various international banks.”- she said. Also according to her Marcos entrusted $12.8 billion worth of blue chip stocks to his cronies. The family has so much money that were kept in the multiple layers of corporations and thrusts.
Still, there is no update regarding the corrupted money of the Marcoses, but there are some issues arising to where they hid the money, who has the money and to where the other funds go that will benefit the countrymen. The complaints regarding the corruption and the wealth of the Marcoses were still pending for almost two decades now. The question is when will the assets be fully recovered after almost 6 decades.--The Quintessence