In a decision promulgated Sept. 24, the Sandiganbayan Second Division required Traders Royal Bank (TRB, now Royal Traders Holding Co., Inc.) to pay the face value of peso-denominated bank certificates amounting to P30 million and P65.98 million issued in 1974, and 1975 to 1978, respectively.
The bank is also ordered to pay another set of bank certificates, this time amounting to $5.435 million, issued from 1975 to 1979.
When Marcos died in 1989, his wife Imelda entered into an agreement with the Philippine government that she would assign to it the Marcoses’ interest over the merchandise seized by US authorities, in exchange for dropping of legal actions against them.
A Hawaii District court, in December 1992, honored the settlement and awarded the merchandise seized from the Marcoses to the Philippine government.
But when the Presidential Commission on Good Government (PCGG) tried to encash the bank certificates from TRB in 1993, the bank refused.
The PCGG filed a case against TRB in 1997.