Marcos' Gold in Swiss Bank in Late North Korean Leader's Name: Report

August 2, 2001 - 0:0
SEOUL -- The late Philippine Dictator Ferdinand Marcos has deposited multi-billion-dollar-worth gold bars at a Swiss Bank in the name of the late North Korean leader Kim Il-Sung, a report said Wednesday.

The secret bank account was opened at the Union Bank of Switzerland (UBS), Seoul's ***Munhwa Ilbo*** newspaper quoted a former Marcos aide as saying.

***Mnhwa,*** carrying a copy of the bank account certificate on the front page, said Marcos had borrowed Kim Il-Sung's name to deposit 940 tons of pure gold bars worth eight billion dollars at the UBS on September 11 in 1970.

Marcos died in 1989 three years after he stepped down to seek asylum in Hawaii. North Korean founder Kim Il-Sung died in 1994.

The Philippines have been seeking to retrieve Marcos' secret ill-gotten wealth which was amassed during his 20-year rule.

"Former president Marcos had borrowed the names of dictators from third countries to prevent others from withdrawing deposits from his secret bank accounts," the unnamed former aide to Marcos told ***Munhwa.***

But the aide, who offered the copy of the UBS account certificate to ***Munhwa,*** said he was not sure of a deal between the two dictators.

"It remains uncertain whether Kim Il-Sung received any kickbacks from Marcos or was notified of opening the bank account," the aide said.

The alleged gold bars were a part of what a Japanese army general had looted from Asian countries during World War II, ***Munhwa*** said.