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Find out how Imelda looted government coffers as early 1968 with the help of Swiss banks, lawyers

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The Sandiganbayan Fifth Division has found former First Lady Imelda Marcos guilty on seven counts of graft. Imelda was sentenced to up to 11 years in prison and disqualified perpetually from holding public office. But Imelda can still appeal her case and elevate it all the way to the Supreme Court.

Imelda abused her position as the wife of then President Ferdinand Marcos and her posts as Minister of Human Settlements and Metro Manila Governor from June 1976 to February 1986, and Batasang Pambansa member from 1978 to 1984 by putting up foundations and opening Swiss bank accounts to funnel their ill-gotten wealth which could not be justified by the combined income of $957,487 declared by Ferdinand and Imelda from 1965 to 1985.

The 70-page decision penned by Associate Justice Maryann E. Corpus-Manalac and concurred by Division Chair Rafael R. Lagos and Associate Justice Maria Theresa V. Mendoza Arcega detailed how Imelda started looting government money as early as 1968 or during the first term of Marcos.

In these foundations and bank accounts, Imelda designated herself and her husband as lifetime owners and her children – Imee, Bongbong, and Irene – as beneficiaries after their death.

Here are the Imelda foundations, companies and bank accounts and how the Sandiganbayan ruled on these cases:

1) Maler Establishment (GUILTY)

– Formed in 1962 Swiss Bank Corp. and taken over by Marcos and Imelda t in October 1968

– Marcos and Imelda split the foundation 50-50 and both have sole right to dispose of 50 percent its assets during their lifetime

– The lawyers and managers of the firm’s assets are Dr. Andre Barbey and Jean Louis Sunier

– All transactions were made under “John Lewis” signature

– Converted to foundation under Michael Amaudurz and transferred to Suntrust Investment Co.

– $75 million of its funds were invested under the name of Marcos crony Roberto Benedicto in dollar-denominated Treasury Notes sold by the Central Bank. Imelda personally took note of the placements’ earnings.

2) Trinidad Foundation (GUILTY)

– Formed in August 1970 and dissolved in August 1981

– It was created in Lichtenstein and based in Tiesenberg, Switzerland. Imelda pumped in 100,000 Swiss Francs as initial capital

– This is apparently Imelda’s personal account as she was listed a ssole beneficiary without Marcos while her children – Imee, Bongbong, and Irene – were named second beneficiaries

– It was managed and held in trust by Markus Geel C. Water Fessler, and Ernest Sheller

-All of its assets were transferred to Fides Trust Co. under the ”Referene Dido” account in Bank Hofman AG Zurich

3) Rayby Foundation (GUILTY)

– It was created in Vaduz, Switzerland on June 1971 and dissolved in April 1981

– It was capitalized by Trinidad Foundation

– Imelda designated herself as the first and only beneficiary

– Board members include Walter Fessler, Peter Ritter, and Ernst Scheller who facilitated the transfer of its assets to Trinidad Foundation’s account in Credit Swisse, Zurich

4) Palmy Foundation (GUILTY)

– It was created May 1981 in Vaduz, Switzerland

– Imelda tapped Dr. Ivo Beck & Limag Management as members of its board of trustees

5) Asia Reliability Corp. (ACQUITTED due to failure to charge an offense)

– Formed in August 1982

– It is a semiconductor firm in Taguig

– It obtained a $25 million loan from Central Bank under then Gov. Jaime Laya with heavy endorsement from Imelda. Loan was guaranteed by Philippine Export and Foreign Loan Guarantee Corp.

6) Asia Reliability-Dynetics (ACQUITTED due to insufficiency of evidence)

– Imelda bought stake in the company in 1980

– Imelda actively lobbied for the grant of behest loans to this company amounting to $25 million

– Company chief Vicente B. Chuidian has admitted to being a dummy of Imelda who meddled in its management. Former Philguarantee president Rosendo Bondoc testified that he was aware that this electronics firm was owned by the “highest authority.” This was corroborated by former Prime Minister Cesar Virata.

7) Azio-Verso-Vibur Foundation (GUILTY)

-Formed in June 1971 and dissolved in 1991

– It was used primarily as conduit to funnel Marcos’ ill-gotten wealth

– It had bank accounts in Schweizeresche Kreditanstalt (CSK), Credit Swiss Bank, Swiss Bank Corp.

– It had a bank balance of $3.6 million as of 1991

– These funds were placed in high yielding Dollar Treasury Notes of the CB

8) Rosalys-Aguamina Foudnation (GUILTY)

-1971 to August 1991

– Used as conduit to funnel Marcos’ ill-gotten wealth

– It held bank accounts in Schweizeresche Kreditanstalt (CSK), Credit Swiss Bank, and Swiss Bank Corp.

– It had a bank balance of $80.6 million as of 1991

– $10.3 million of these funds were placed in SBC which prosecutors tagged as bribes or kickbacks from Japanese corporations and contractors

9) Avertina-Xandy/Wintrop and Charis/Scolari/Valamos/Spinus Foundations (GUILTY)

– Imelda took control of these foundations from 1968 to 1986

– Its bank accounts were held in Bank Hofffman, Schweizeresche Kreditanstalt (CSK), Credit Swiss Bank, and Swiss Bank Corp.

– It had a bank balance of $240 million as of 1989

– Marcos used “William Saunders” and Imelda used “Jane Ryan” to conceal their identities. She instructed SBC to mail all correspondence and statements to P.O. Box 4539 Manila

– These foundations were managed and held in trust by Marcus Geel with C.W. Fessler, C. Souviron, E. Sheller as trustees

10) Pretorien-Gladiator-Cesar ESG Foundations ((ACQUITTED due to insufficiency of evidence)

– Formed between 1976 and 1986

– It opened an account in Banque Paribas which had total deposits of $28.2 million in November 1978

– Foundation executed power of attorney in September 1980 which allowed Marcos and Imelda to withdraw these funds

The prosecution claimed that Marcos and Imelda formed Trinidad, Rayby, Palmy, Maler, Avertina, Xandy, Wintrop, Charis, Vibur-Avertia, Azio-Verso-Vibur, Scolari, Valamo, Spinus and Aguamina foundations in Switzerland with common design, scheme, procedure, and practice of administering, managing, promoting and participating in the operations of to conceal their real owners. The prosecution said these were created one after the other or co-existed with one another.

The late abogado Frank Chavez, head of Task Force Humongous of the Presidential Commission on God Government,

said Marcos and Imelda “clandestinely stashed away the country’s wealth to Switzerland and had the same under layers of foundations and other corporate entities to prevent its detection using dummies and agents.”

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