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Court Won't Release N.Y. Assets Believed to Belong to Marcos

May 18, 1987|From Reuters

WASHINGTON — The U.S. Supreme Court today let stand an order requested by the Philippine government freezing five New York properties allegedly controlled by former President Ferdinand E. Marcos and his wife, Imelda.

The high court action was a victory for the Philippine Commission on Good Government, which sought to recover the valuable real estate after charging that Marcos and his wife acquired it with stolen government funds.

U.S. District Court Judge Pierre Leval issued the order a year ago involving three Manhattan office buildings, a shopping arcade and Long Island estate worth $350 million. Leval, who ordered the freeze until the claims were decided by the Philippine courts, found evidence suggesting ownership by the Marcoses and misappropriation of government funds. His order was upheld by a U.S. Court of Appeals in New York.

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