BERN, Switzerland (MindaNews / 15 January) — The last time Filipinos in Switzerland connected the Marcos name with Switzerland, it was about the late dictator, Ferdinand Marcos Sr., funneling…
BERN, Switzerland — The last time Filipinos in Switzerland connected the Marcos name with Switzerland, it was about the late dictator, Ferdinand Marcos Sr., funneling vast amounts of stolen money into Swiss bank accounts that he had opened under a fictitious name.
The money grew with repeated deposits over the years and remained hidden until 1987, when these bank accounts were frozen by the Swiss authorities and were subject of a request for recovery of ill-gotten wealth by the Philippine government. The July 2003 decision of the Philippine Supreme Court confirmed that the foundations were established precisely to “hide the money stolen by the Marcos spouses” from the Republic.
The Foreign Affairs department says Marcos Jr or BBM, while attending the five-day forum, will do a soft launch for the administration’s “sovereign wealth fund” called the Maharlika Investment Fund. There are up to 270 events in the five-day staging of the WEF from January 16 to 20, and it is not clear where and how BBM can sell the concept of the Maharlika Investment Fund to the attending global political and economic leaders .
An article on Vera Files meanwhile, quoted the results of a study conducted by academic scholars from the University of Götinggen in Germany, University of California at Berkeley, National University of Singapore, and the Kiel Institute for the World Economy .
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