The Sandiganbayan has ordered the Royal Traders Holding Company Inc. (RTHCI) to pay the government at least P367 million that was part of the ill-gotten wealth of the late President Ferdinand Marcos and his family.
In a 52-page decision, the graft court also ordered the payment of 12 percent interest per year from February 1993 until the amount is fully paid.
The Sandiganbayan said bank certificates on the deposits – for P65,978,870, for P30,050,000 and for $5,435,362.90 – were among the properties brought by the Marcos family when they fled to hawaii.
The deposits were received by RTHCI, then known as Traders Royal Bank, from 1974 to 1979.
“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,” the anti-graft court said.
The amount needed to be returned is based on the face value of the bank certificates issued by TRB, the Sandiganbayan said.