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Irene Marcos Araneta, the youngest daughter of former dictator Ferdinand Marcos, joined her mother, former First Lady Imelda Marcos, in claiming her family's ownership of a foundation that is now worth $35 million in cash and blue chip shares. It was established in 1972. Araneta's lawyer Robert Sison, said the Presidential Commission on Good Government (PCGG), a government agency tasked to recover an estimated $35 billion alleged ill gotten wealth of the former strongman, has no right to claim the assets of Arelma Inc since it is now under the custody of the US District Court of Hawaii.
The funds of Arelma foundation were originally deposited under the account of the New York-based brokerage firm Merrill Lynch. When it was identified by the PCGG as part of the Marcos' ill-gotten wealth, the US District Court of Hawaii ordered Merrill Lynch to surrender the funds, in favour of the Filipino rights victims. US District Court Judge Manuel Real, had awarded the Arelma funds to the 9,539 human-rights victims during martial law. In 1995, the US District Court of Hawaii had ruled that the Marcos estate should pay an estimated $2.2 billion in damages to some 10,000 rights victims of the former dictator. It was an unprecedented ruling ever given to rights victims who claimed damages from a dictator. The PCGG has appealed the ruling of the US District Court at a US appeals court. Now, the PCGG has asked the Sandiganbayan to make a ruling that the funds of Arelna are publicly owned. The PCGG has been asking two courts to make a decision in its favour, said Araneta. She has joined her mother in saying that the former first family rightfully owned the assets of Arelma Inc.
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