The Sandiganbayan was not convinced with former First lady Imelda Marcos' claim that the seven Swiss foundations, where around $200 million were funnelled during the administration of her husband, former President Ferdinand Marcos, were for charity and not for business. In its 70-page ruling, the Sandiganbayan Fifth Division said: "Though named as a 'foundation', the evidence shows that these entities were put up primarily for the entrepreneurial activity of opening bank accounts and deposits, transferring funds, earning interests and even profit from the investment, for the private benefit of the Marcos family as beneficiaries." The anti-graft court found Mrs. ...
Keep on reading: Sandiganbayan: Swiss ‘foundations’ set up to benefit Marcos family
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