Philippine court dismisses case seeking $3.9 bln of Marcos wealth
December 16, 2019, 10:10 am

Philippine court dismisses case seeking $3.9 bln of Marcos wealth

Philippine Senator-elect Imee Marcos (C), former first lady Imelda Marcos (3rd R, in red), and other family members during the proclamation ceremony by the Commission on elections in Manila on May 22, 2019. (AFP)

A Philippine court threw out a high-profile, 32-year-old forfeiture case on Monday involving the family of late dictator Ferdinand Marcos, citing insufficient evidence to order the return of $3.9 billion of allegedly ill-gotten wealth.

The country’s anti-graft court decided in favor of the Marcoses for the fourth time since August, with judges ruling that photocopied documents could not be used as evidence, so the case would not proceed.

It has been referred to widely as the “mother” of cases in a three-decade effort by a special presidential panel to recover an estimated $10 billion allegedly siphoned off by Marcos and a family that had lived lavishly during his 20 years in power, 14 of which were ruled under martial law.

The case lodged by the Presidential Commission on Good Government had sought the return of 200 billion pesos ($3.93 billion) it said was tied up in equities, numerous local and foreign banks and real estate at home and in the United States and United Kingdom.

It also included the value of 177 paintings and 42 crates of jewellery worth nearly $9 million.

In a 58-page verdict, the court “acknowledged the atrocities committed during martial law under the Marcos regime and the ‘plunder’ committed on the country’s resources.”

“However, absent sufficient evidence that may lead to the conclusion that the subject properties were indeed ill-gotten wealth, the court cannot simply order the return of the same to the national treasury.”

The same court dismissed similar cases against the family in August, September and October, all for lack of evidence.

Despite being overthrown in a 1986 revolt and driven into exile, the Marcos family remain a powerful force in the Philippines, with loyalists throughout the bureaucracy and political and business elite.

The late leader’s wife Imelda was a four-term congresswoman, daughter Imee is currently a senator, as was son and namesake Ferdinand Marcos Jr, who has been tipped as a possible candidate for the presidency in 2022. A relative is the current Philippine ambassador to the United States.

The family has a powerful ally too in President Rodrigo Duterte, who has spoken well of the former dictator, backed Imee’s senate run and expressed a desire for Marcos Jr to have been his vice president.

source: Reuters

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.