According to local media reports the Philippine National Bank has been awarded $30.1 million after a long drawn out four-way wrangle.

According to local media reports, the Philippine National Bank has been awarded $30.1 million after a long drawn out four-way wrangle. Human rights victims, the Philippine Government and five Marcos established foundations had also laid claim to the assets.

The money had been held in the Singaporean branch of German bank West LB. As long ago as 2004 West LB brought the case to court to clarify the rightful ownership.

In 2002, the Swiss authorities transferred almost $700 million into the care of the Philippine National Bank, money that had been spirited out of the Philippines by Ferdinand Marcos during his twenty years in power. He was removed from power in 1986.

The Court of Appeal, the top court in the country, ruled in favour of the Philippine National Bank, dismissing the claims of the country's government, five foundations allegedly set up by Marcos to hold the money in Swiss banks, and 9,539 human rights victims of the Marcos era.

In judgment grounds released this week, the court explained that it was compelled to reject the victims' claims as the relevant documents considered did not have the legal effect of transferring any "proprietary interest" in the funds to them, according to the Straits Times (of Singapore).