The Sandiganbayan court has ordered the Royal Trading Holding Company to pay P367 million to the Philippine government saying the amount was part of former dictator Ferdinand Marcos’ ill-gotten wealth.
The anti-graft court said in a 52-page resolution that the Royal Traders must pay 12% interest every year since February 1993 until the company pays the whole amount.
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The court said that the deposits amounting to P65,978,870, P30,050,000, and US $5,435,362.90, were among the properties brought by the Marcos family to Hawaii.
The deposits were received by the Traders Royal Bank at that time. The company operated from 1974-1979.
“Even where the plaintiff (Philippine government) must allege non-payment, the general rule is that the burden rests on the defendant (TRB) to prove payment, rather than on the plaintiff to prove payment,” the decision said.
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“As it is, TRB remains liable for the payment of the face value of the peso as well as dollar denominated bank certificate in question,” it added.
The complaint against the bank was filed in 1995 and was later on amended in 2005. (TDT)
