Post by Admin on Mar 9, 2014 11:25:11 GMT
Ferdinand E Marcos was President of the Republic of the Philippines from November 1965 until his flight from the Republic in February 1986.
On 21 September 1972, Marcos declared martial law in the Philippines.
Ferdinand Marcos' corrupt activities allegedly commenced while he was a congressman and head of the import control board, which allowed him to gather large bribes in return for approving import licenses. As congressmen, Marcos soon became a millionaire largely based on his 10% cut from government deals.
When Marcos became President, he acquired an epic appetite for bribery.
A RICO claim brought in 1989 in California in the United States sets out in some 100 pages the details of how Ferdinand Marcos, Imelda Marcos and others conspired to loot, divert and launder public assets for their personal use and benefit.
The RICO claim estimated that $5 billion in ill-gotten wealth was taken by the Marcoses, their associates and accomplices. But there is yet other material suggesting that Marcos took even greater amounts of money.
For various geo-political reasons, the Marcos regime was strongly supported by the United States and its allies. For example, between 1962 and 1983 the United States provided $3 billion in "economic and military aid", while during this same period the World Bank lent $4 billion to the Philippine government.
When Ferdinand and Imelda Marcos became the First Couple in 1965, their net worth was only Pesos ("P") 120,000, i.e. US$7,000. When they were thrown out of the Philippines in 1986, their estimated assets amounted to more than $5 billion.
In anticipation of his removal from power, Ferdinand Marcos attempted to conceal all evidence relating to his overseas wealth. In early February 1986 President Marcos arranged for 6 heavy-duty shredders to be installed at the Malacanang Presidential Palace. The shredders were so overused that after two weeks four off them broke down. The two remaining shredders continued to function even as Marcos fled Manila in the evening of 25 February 1986.
Despite the destruction and removal of vital documents at the Palace, Philippines Government investigators found a trove of documents several inches thick In the Presidential bedroom a file safe contained "sheafs of documents regarding Mr Marcos' papers and bank accounts with Swiss banks and other papers referring to various financial transactions. These so called "Malacanang documents" were indexed, sorted and analysed and subsequently formed the basis for the Republic of Philippine's mutual assistance request to the Swiss authorities and the initial criminal complaints against Ferdinand Marcos.
The Malacanang documents revealed that hundreds of millions of dollars of Marcos money was sheltered by using Liechtenstein foundations with bank accounts at Credit Suisse.
On 21 September 1972, Marcos declared martial law in the Philippines.
Ferdinand Marcos' corrupt activities allegedly commenced while he was a congressman and head of the import control board, which allowed him to gather large bribes in return for approving import licenses. As congressmen, Marcos soon became a millionaire largely based on his 10% cut from government deals.
When Marcos became President, he acquired an epic appetite for bribery.
A RICO claim brought in 1989 in California in the United States sets out in some 100 pages the details of how Ferdinand Marcos, Imelda Marcos and others conspired to loot, divert and launder public assets for their personal use and benefit.
The RICO claim estimated that $5 billion in ill-gotten wealth was taken by the Marcoses, their associates and accomplices. But there is yet other material suggesting that Marcos took even greater amounts of money.
For various geo-political reasons, the Marcos regime was strongly supported by the United States and its allies. For example, between 1962 and 1983 the United States provided $3 billion in "economic and military aid", while during this same period the World Bank lent $4 billion to the Philippine government.
When Ferdinand and Imelda Marcos became the First Couple in 1965, their net worth was only Pesos ("P") 120,000, i.e. US$7,000. When they were thrown out of the Philippines in 1986, their estimated assets amounted to more than $5 billion.
In anticipation of his removal from power, Ferdinand Marcos attempted to conceal all evidence relating to his overseas wealth. In early February 1986 President Marcos arranged for 6 heavy-duty shredders to be installed at the Malacanang Presidential Palace. The shredders were so overused that after two weeks four off them broke down. The two remaining shredders continued to function even as Marcos fled Manila in the evening of 25 February 1986.
Despite the destruction and removal of vital documents at the Palace, Philippines Government investigators found a trove of documents several inches thick In the Presidential bedroom a file safe contained "sheafs of documents regarding Mr Marcos' papers and bank accounts with Swiss banks and other papers referring to various financial transactions. These so called "Malacanang documents" were indexed, sorted and analysed and subsequently formed the basis for the Republic of Philippine's mutual assistance request to the Swiss authorities and the initial criminal complaints against Ferdinand Marcos.
The Malacanang documents revealed that hundreds of millions of dollars of Marcos money was sheltered by using Liechtenstein foundations with bank accounts at Credit Suisse.