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Since the search for the
so-called Marcos fortune began, the nation has been
treated to all sorts of reports about cash being
stashed in the banks of Switzerland, and gold bullion
at Fort Knox, the Bank of England and many places in
the Philippines. The diggings at Fort Santiago
sanctioned by no less than President Aquino's national
security adviser showed how much the government put
its faith in the story of the hidden gold treasure.
The diggings have stopped but unknown to the public, a
small group of men continues to operate at People's
Television 4 station under the tutelage of Conrado
Limcaoco Jr, for no higher purpose than to pursue
leads about the Yamashita treasure with the assistance
of Noel Soriano, the National Security Adviser of Cory
Aquino.
In the last failed coup, military rebels claimed to
have carted away from PTV-4 documents pertaining to
this gold search. On the basis of these papers, the
Rebolusyonaryong Alyansang Makabayan-Soldiers Of the
Filipino People-Young Officers Union claimed that the
Limcaoco group had recovered some gold and had
gathered facts that lead them to believe the Yamashita
treasure exists, but they appeared determined to hide
this from the Filipino people.
Limcaoco denies the charges. But he does not deny the
existence of his work and what he has been doing. He
says that the group's task is to evaluate every bit of
inforwhation that comes along, without prejudging it.
Most of what comes along is mind-boggling, but
Limcaoco says he is not prepared to reject anything.
Based on the group's work, an October 10, 1989,
Limcaoco's staff prepared the draft of a report to
President Aquino, which proposes to tell all. Limcaoco
says he never signed the letter, and that it was not
sent at all. But even without the final signature and
without it having been sent, the letter reads better
than a story, whether factual or fictional.
The following is Limcaoco's letter to Mrs. Aquno:
FOR YOUR
EYES ONLY
10 October 1989
CORAZON C.
AQUINO
President of the Philippines
Malacanang, Manila
Dear Mrs. President,
I have never waivered in my commitment to serve you
and our people over the past few years. Even in our
bleakest moments, I was confident we would triumph --
and thus far, we have.
In the course of tracking down the right-wing military
adventurists a task which is continuing, we have
unearthed a story -- parts of which you may have heard
before -- but which we feel deserves a serious second
glance at this particular historical conjuncture. I
ask you to please read through this report personally
and not show or pass it on to other officials of this
govemment until we have had the chance to meet, should
you feel such a meeting is necessary after going
through this. Please suspend your judgment and
disbelief and know that this report was written after
much in-depth intelligence work and soul-searching on
my part.
I. Background/Premises
Our work thus far supports the contention that the
Yamashita treasure does exist and appears to be the
basis for the Marcos' hidden wealth. What has been
recovered and sequestered to date is not even the tip
of the proverbial iceberg.
Over 90% of the worlds legal and illegal gold
production were in Asia at the outbreak of World War
II. Why? History will tell us why. From the galleon
trade where spices and silk were traded for gold and
other precious metals to the days before World War II
when the Europeans, fearing a war in the West, moved
their gold to their Asian colonies and former colonies
for safekeeping. Thus, England moved their gold to
Malaysia, Singapore, Hong Kong and Australia -France
to Vietnam, and so forth. The rest you know. The
Japanese brought the gold here and had to leave it
here as they retreated in defeat
From 1967 to 1973, Cipirino Garcia Sta. Romana found
some of this gold and began shipping it out of the
country mostly to the PROC. In 1973/4, Sta. Romana
signed a power of attorney over the gold to Marcos.
More of the treasure was found with the help of
treasuro maps, foreign treasure hunters and the AFP
(many of the retired generals now in Hawaii) in
subsequent years. It was either (1) shipped out as is,
(2) laundered via the Central Bank reminting
facilities and through other means and then shipped
out, or (3) reburied under the custodianship of
trusted subalterns or heirs. Further, there reportedly
is still 35-37% of the treasure still to be discovered
-- which the likes of Noel Soriano and company have
set their eyes on.
II. The
Global Implications
There is a forty (40) year period within which another
country may claim treasure/property taken from it with
another country. This period lapsed in November 1985.
An interesting question is -- who owns the gold? Or
better still -- who wants the gold? Technically, now
the people of the Philippines can lay some claim to
the gold, assuming Marcos was not an innocent
"finder" or "treasure hunter"
entitled to a share, but instead used his position and
influence to find it, ship it out, and even sell some
of it. To answer the question --
The countries of Europe want the gold! They believe
much of it was theirs to begin with. They want or need
it so much they are even willing to buy some of it
back. A 1983/84 sale we are reconstructing indicates
that the 11 monarchs of Europe syndicated a deal
involving over 120 banks with the Bank of England as
the lead bank to buy back some of the gold. This
transaction is known by the code JOB/HK/25 which I
will detail later.
The 12 Asian countries conquered and plundered by
Japan in World War II want the gold! They believe they
have a stake in this as it was from their countries
that the Japanese took it from. Marcos struck deals
with many of these Asian countries. He shipped back
some of the gold to them in return for a share in the
booty. For example, the gold shipped back to
Singapore, Malaysia, Indonesia, and India are
reportedly split now at 70% of the particular country
and 30% for Marcos. Japan allegedly has been promised
50% of Marcos 30% in these Asian settlements. Mrs.
Yamashita has alleged shares in some of the gold stock
in Asia. I will also detail this later in this report.
The United States of America wants some of the gold!
The US had virtually no gold of its own to begin with.
They need it to back their currency and to stave off
economic difficulties. Marcos shipped large stocks of
gold to the USA. Marcos allegedly committed to sell
300,000 metric tons of the gold to the US. Obviously,
the Asian countries and the Europeans would look with
displeasure at this -- if they knew about it or could
prove it We have evidence that at least 2 major sales
were negotiated with CIA and US Treasury front
organizations in 1983/4 and 1984/5. One of these
transactions in 1984/5 codenamed YAB42 was apparently
aborted because of a difference in payment terms. The
US offered 20% in cash and 80% in US government
securities.
Marcos wanted 80% in cash and 20% in securities. The
amount involved is staggering. A taped conversation
with one of the buyer negotiators indicate that senior
executive officials of the US Government during the
period had to get Congressional approval to increase
the US foreign debt to accommodate this deal. As late
as mid-1986, US officials were trying to convince
Marcos to conclude the deal in Hawaii. In 1987,
feelers from their front organizations -- e.g.,
Navegacion Global's Mr. Bullock were sent to this
government (A letter from Mr. Bullock was received by
Malacanang Records Office last October 8, 1987 and is
enclosed as Annex A). I believe some of our people may
have even sat with Mr Bullock. I do not think they
knew what Bullock vas really up to -- or understood or
believed him if he told them. We allegedly have gold
sitting in US depositories -- which the US government
wants badly. They reportedly cannot release their new
"rainbow dollar" (multicolored dollar bills)
that are already printed without this gold to back it
up.
III. The
Marcos Scheme of Things
Marcos compartmentalized this whole operation so that
very few could piece it all together. We have managed
to assemble quite a number of Marcos' real operating
people -- those that shipped the gold out, found the
buyers, negotiated the transactions We are slowy
piecing the puzzle together.
For each Marcos account, whether in cash or in
bullion, these are assigned trustees and signatories
-- some of whom do not even know each other. There are
secret bank/depository arrangements such as access
code and security countersigns.
Before his death, Marcos organized what is called THE
UMBRELLA, a network of 54 people whose task is to
manage these assets in the event of his death. In
theory, the umbrella, not Mrs. Marcos or his children
would execute his will. At least two members of the
umbrella's inner core of about one dozen are already
working with us. The umbrella has never been tested in
action before. Marcos has never died before. Those who
now work with me tell me that the chairman of the
umbrella is a very decent man who can be talked to on
behalf of our nation. Apparently, there is no sharp
cleavage between this group (family, heirs, followers,
etc.) and Imelda's. Most of what we know is FM's not
Imelda's. It is doubtful that even she would know all
of FM's holdings. The destabilization efforts will
most probably come from Imelda's camp not
surprisingly. Marcos is reported to have revised his
will a few months before he died, asking former
Solicitor General Estelito Mendoza to Hawaii for this
purpose. Imelda was reportedly vehemently against the
revision. We are trying, through the umbrella, to get
a copy of this will.
Exactly how much gold is involved? The estimates vary,
and understandably so because of the complex shipping
procedures and the compartmentalized nature of the
operation.
I have seen documents saying that the gold under the
control of the umbrella (there are smaller stocks not
reported to or controlled by the umbrella) is in the
neighborhood of 1.33 million metric tons (MT). Whether
one believes this figure or a lessor figure is not
material given the magnitude of the entire scenario.
One metric ton of gold is worth
about $11 million. The Phippines' annual gold
production is estimated at between 40-60 metric tons
The world's "legal" annual gold production,
which is regulated by the London gold cartel so as not
to upset gold pricesas well as the value of currencies
of the world, is estimated at between 1,200 to 1,400
metric tons.
So, where is the gold? How much of it have we traced
thus far?
IV. Where Is
It?
Our sources have pinpointed the locations, volume, and
details of many of the Marcos and Imelda gold accounts
around the world.
We have left out the volume figures for countries
other than the United States which are relevant for
understanding points raised in other sections of the
report We do have the detailed breakdown of these
other accounts in the other countries but thought it
best to omit these for now. The volume/amounts
involved are staggering and may be subject to
misinterpretation There is admittedly a possibility in
some instances of double-counting an entry because of
the process of shipping and laundering the gold from
one country to another. We can present the figures per
country and per bank should you wish to see them.
Whatever volume figures are ultimately believed or
proven, the magnitude remains astounding. The gold was
shipped out in a span of more than a decade from the
late sixties to the mid-eighties. In the later
frenzied stages from 1983-85, all forms of transport
were used from commercial and chartered ocean vessels
and aircraft to the military aircraft of the
Philippines.
A. Asia
1. PROC
--
in various depositories in Southern China &
Switzerland; joint IRM/FM stock
--
an amount allegedly given to Mao Tse Tung by
IRM, 1973, now with Madam Mao
2. Singapore
-- in
three banks in Singapore; banks and signatories
identified
--
an amount reportedly given to Lee Kuan Yew by
IRM in 1975, now in Tatlee Bank, Singapore
3. Malaysia
-- in Bank Negara (Central bank), shipped 1973
4. Indonesia
-- in at least 4 banks in Jakarta, 9,600 MT sold
in 1987 for FM to Union Bank of Switzerland
5. India
-- in various depositories; one 94 year-old
trustee identified
6. Hong Kong
--
in 10 Hong Kong banks; banks, signatories,
account numbers, etc. identified
7. Marianas
-- in private storage, IRM's stock; trustee
identified
8. Palau
-- in private storage, IRM's stock, trustee
identified
9. Philippines -- 4,600 pieces, 75 kgs. in 18 identified banks
in Metro Manila
--
more in private storage, some identified
--
more still to be dug up estimated at 400,000 MT
NOTES: Nos. 2, 3, 4, 5 & 6 which are FM stocks are
probably covered by the 70-30 deal with each country.
No. 1 still has to be studied further, as both IRM and
Madame Mao are no longer in their respective nation's
political structures. Nos. 7 & 8 are also IRM
stocks and are not probably covered by the 70-30 deal.
Japan and Mrs. Yamashita have their stakes here as
mentioned. Mrs. Yamashita is co-owner of some Hongkong
stock (already identified). Japan may expect 50% of
FM's 30% in these Asian settlements.
A. US and Environs
1. 38,000 MT --
various identified depository banks in New York
2. 72,000 MT --
Fort Knox, account no. identified
3. 18,300 MT --
in a New York bank; signatories, account codes
identified
4. 62,000 MT --
various identified depository banks; Canada,
Nevada, California, and Panama
NOTES: These were shipped out covering a period of
more than 10 years from 1973-1983, The MAFIA and the
CIA helped ship it, including some monitored shipments
through Clark Air Base. Nos. 1 & 2 formed the
stock for the YAB42 transaction to be detailed later
Nos. 3 & 4 were also being sold in 1983-1985. It
is doubtful any of these transactions were actually
consumated.
5. Bahamas
-- Banco Bahamas; trustee identified
6. Panama -- Bank of Panama; possible 1983 sales
through Navegacion Global's Bullock
B. Europe
1. England
-- in 4 identified London depository banks;
IRM's stock
-- shipped 1978-85, flown to and reminted in
Switzerland, then on to London in GLD bars
2. Switzerland --
in various depository banks, some banks and
signatories identified
3. FRG
-- in various depositories in Luxembourg and
Bonn
-- Fabian
Ver and Edna Camcam's account, some lent to back up
FRG's currency
C. Africa
-- FM owns 40% of 4 leading gold mining and
processing firms
V. Some
Transactions Worth Looking At
We must differentiate between the movement of the
stock, its ultimate destination, and its final
disposition in the event it was sold. The movement
often required numerous transit points and sometimes
"laundering" services like those provided by
Johnson Matthey reminting refineries in England and
Switzerland or by the Golden Eagle reminting plant in
Hong Kong and even possibly by our awn Central Bank
refinery in Quezon City. The original form of the
treasure was varied and often indicated their
countries of origin -- e.g. 75 kg., 91.33 kg. bars
with various 'hallmarks" like "Suhatra-Loyd,"
a dragon, AAA, etc. Internationally, the 12.5 4 GLD or
Good London Delivery bar is the recognized unit of
gold that is numbered and registered in the London
Commodity Computer by batches with indicated owners.
These GLDs in batches are covered by Gold Bullion
Certificates (GBCs) that are also registered in the
London computer If GLDs are bought and sold, it is
often not necessary to effect a, physical transfer of
the stock but merely to credit and debit or swap
equivalent currency or other GLDs or GBCs.
In 1983, FM gave the signal to start selling his gold
in grand fashion. This was perhaps triggered by the
unrest and re-awakening after 21 August. Literally
hundreds of gold buyers, traders, brokers, and
middlemen converged in Manila in the years 1983-85, FM
issued "mandates" to select people to sell
this gold for him (A sample of a "mandate"
granted to a certain Konsehala Candelaria V. Santiago
is enclosed as Annex B). Others managed to secure
"sub-mandates" from the original mandate
holders. Still others produced "fake
mandates" that they used to con some buyers with
to give them hefty advances. We have some of the real
mandate holders working with us.
In passing, today there are over 160 gold buyers and
brokers now in Manila reminiscent of the 1983-85 years
anticipating gold sales by FM heirs or this
governments representatives. I understand a few "looseleaf"
pieces of 75 kg. bars have already been sold.
Three schemes to sell the gold were conceived in this
period. First, the CB Treasury bills method where gold
buyers agreed to purchase CB Treasury bills equivalent
to the amount of gold they were buying. Then they
would redeem these CB T-bills for gold upon maturity
of these notes. Second, the loan method where buyers
guarantee to lend the GRP money equivalent to the gold
they were buying. Using this second method, it could
well be that many of our debts are not really debts
but are already paid for in gold. How else can one
explain the seemingly easy credit FM enjoyed with the
ADB, the WB, and the IMF and their prime banks? And
this could explain the cavalier spending of these loan
proceeds for personal ends. Our sources say that the
very top echelon of the WB and the IMF know of this.
Why are they now putting on the screws for our loans?
Possibly because we have not concluded YAB42. Third,
the direct sale, method where after a while the sheer
magnitude of the gold being sold could no longer be
sanitized by either of the two methods described
earlier outright sales agreements gold were
negotiated.
We have a good deal of documentary evidence to prove
that gold transactions were indeed negotiated by front
organizations as well as legitimate banks in those
years.
To highlight a few...
1. The YAB42 transaction. This was negotiated in late
1984, early 1985. As reported, this was initiated by
the US government through the US Treasury and the CIA.
Front organizations; and personalities were used to
make the deal ostensibly a non-governmental
transaction. Dr. Ole Bay (YAB is BAY backwards) was
the main trustee of the buyers' group (A Trust
Exchange Agreement and a Funding Trust Pay Order
between seller and buyer in transaction code YAB42 are
enclosed as Annex C). Navegacion Global SA, Dupont,
and other CIA conduits were used.
Forty-two (42) other major trusts were tapped to help
fund this purchase. Senior US officials even called FM
to confirm the veracity of the mandate holder
negotiating for "the seller." Close to 100
prime banks pledged their participation in helping
fund the purchase. The US offered 20% cash or $200
billion through these trusts and banks and 80% in US
government securities. Using the $200 billion cash as
20% of the transaction, this transaction would then
involve 110,000 MT or over $1 trillion. The stock for
this transaction appears to be the 38,000 MT in New
York and the 72,000 MT in Ft. Knox which total exactly
110,000 MT. In June 1986, US government
representatives reportedly asked FM to conclude YAB42
and turn over the 72,000 MT in Ft. Knox He declined.
Earlier, FM signed over the 38,000 MT in New York
which the US government found insufficient. In 1987,
Navegacion Global's Bruce Bullock tried to make
contact with this government, possibly to conclude
this transaction.
2. In 1983-84, we have evidence of another transaction
involving a minimum 62,000 MT up to a maximum of
81,000 MT negotiated with Frank Higdon, another
reported CIA intermediary (Investment loans offered to
the Philippine Government which is repayable with
62,321 MT of gold bars is enclosed as Annex D). The
stock for this appears to be the 62,000 MT in 4
locations in mainland America plus the 18,300 MT in
Citibank, New York. It is doubtful this transaction
was consumwhated as these stocks have reportedly been
recently verified to still be in place.
3. The JOB/HK/25 transaction. In 1983-84, 29,327 MT
was reportedly sold to the 11 monarchs of Europe with
over 120 prime banks participating with the Bank of
England as the lead buyer's bank. The proceeds are
allegedly sitting in ledger credits to the seller in
the seller's banks and even in some buyer banks. The
PNB Singapore and New York branches were actively
involved in this transaction and the key officers of
these banks then can reportedly identify where these
seller credits are located. In commissions alone,
there is a reported P200 B/$10 B commission for the
transaction's brokers credited to the PNB through the
CB sent from the Chemical Bank of New York. There is
an additional $63 million in commissions for this
transaction at the AMEX Bank in Hong Kong. The brokers
who are claiming these commissions are with us
providing us inforwhation on this deal and are willing
to negotiate with this government
4. The Central Bank of the Philippines may not be able
to balance their books as far as gold is concerned. A
July report by a senior Central Bank official to the
PCGG prompted by preliminary inforwhation on this
project we passed on to the PCGG does not reconcile
with other CB data we have on gold transactions for
the 1984-85 period alone.
Further, our sources say that there is at least 5,000
MT of gold in the CB vaults in Manila and Quezon City.
A recent Chronicle article indicates that COA may be
getting some wind of this (The newspapers reports that
Central Bank has violated audit standards such as
under-recording of its actual gold acquisitions and
the same is enclosed as Annex E). We have the GBC
number of this gold in the CB vaults. Our sources say
that senior CB officials may have begun to cover their
tracks by moving the gold out or logging it under
someone else's account number. Very simple, let us
conduct a surprise physical count of the gold in both
CB vaults. If this is true, without working on the
rest of what we have uncovered, then this government
will be richer by, $55 billion.
The original GBC was for seven sub-lots of 1,000 MT
each. Sub lots 2 and 4 have already been disposed of
leaving a balance 5,000 MT. Remember, our total annual
gold production is only 60 MT and our declared gold
reserves are possibly only in hundreds of metric tons.
5. We have evidence to support October 1983
transaction of 1,000 MT of FM gold deposited at a PCIB
branch under FM trustee Alice Lazo (deceased). The
buyer was Mr. Van Dreck of a organization called
MERCANTUS (A PC Bank offer to sell gold to Mercantus
International Establishment and an irrevocable
Purchase Order by the latter are enclosed as Annex F).
What business does a local bank have keeping and
selling 1,000 MT of gold? Apparently, this transaction
was consumated.
These are but some of the transactions we have been
able to piece together We do have some documentary
evidence, but our main sources are testimonies from
the people who were actually involved in these
transactions who are now cooperating with us.
VI. Evaluation
and Assessment
We have substantial documentation that by their sheer
volume indicate these gold transactions did take
place.
More important, we now have in our protective custody,
key actors that actually helped FM on an operational
level. Their testimonies have helped us piece this
extremely complex puzzle together. More importantly,
they are Wiling to assist in the recovery effort of
the government. They are key actors -- trustees,
part-owners, signatories, umbrella members who could
be vital in "unlocking" these accounts.
Why are they helping us? Partly out of a sense of
patriotism. They are not rich -- many of their
relatives are impoverished. They believe that it would
be criminal to allow the nation to suffer in economic
deprivation when something can be done relatively
quickly to correct it. Quite frankly, they also hope
for a just reward to be granted by this government for
their assistance together with the necessary
immunities from suit and documents to allow them to
spend their reward or commission. This is one of the
aspects needing your approval -- the amounts or
percentages should be negotiated on a case to case
basis depending on the assistance given and the amount
to be recovered.
They have put their trust in me for the moment. Loyal
FM and IRM henchmen would definitely not look kindly
on their efforts to assist us.
We would have proceeded to develop this project
further except that certain factors compelled me to
bring this matter to your attention now.
First, FM died -- unleashing a host of now
unpredictable events that may make purposive action on
our end moot and academic. What was in his will? Will
the umbrella or can the umbrella execute his will?
What will IRM and his other relatives do? What will
the host of account trustees and signatories do? What
will the banks and depositories do? We are trying to
ascertain the answers to some of these questions.
Second, the project has grown to a scope now requiring
your knowledge, and to use an FM term, your
"mandate" to proceed in directions you agree
with. I am not funded for an operation of this scope.
To develop this project to this point has cost nearly
P300,000 of borrowed money. We now have our
"assets" in various safehouses and lodging
areas. Soon, one of our "assets' will go abroad
to contact the umbrella's chairman to check the
contents of FM's will and his willingness to help our
government and our people. I am totally loyal to our
people's interest through you and word may get to you
from other sources that I am in touch with
"loyalists." I need you to know what it is I
am doing.
Third, you are scheduled to take your second state
visit to the US next month. Some of our information
may have impact on that visit. At the very least, you
are appraised of what we have gathered to fathom any
subtle messages that the US officials may send to you.
At most, we may be able to put together enough
conclusive data to allow you to bring the matter up to
President Bush, if not in November at some other
opportune moment.
What do we have as far as the recovery of FM's
ill-gotten wealth? A few hundred million dollars from
deals with overt FM cronies the sale of some
identified FM assets (buildings, paintings, and other
properties) and court cases here, in Switzerland, and
in the United States.
Lately, there are those who propose a "master
settlement" approach, meaning one negotiation
with possibly IRM or the representatives FM. This
"master settlement" may involve the return
of FM's remains and/or some of his exiled relatives
and henchmen. I agree with these conditions should be
rejected at the moment for national security reasons.
Also, one negotiation will not work because those that
propose it are at best making "educated
guesses" about the amount of the ill-gotten
wealth that is the basis for negotiation. The PCGG has
even recently proposed, holding public discussion
groups to try to get more inforwhation on the
whereabouts of the wealth and amounts involved.
Lastly, it is doubtful that IRM or any one of the FM
heirs would know all or even most of his wealth much
less make a full disclosure of what little they may
know during these negotiations. A "master
settlement" on the wealth by those that propose
it presently may not result in a fair deal for our
government
On the other hand, negotiated settlements on a case to
case basis based on more precise intelligence
inforwhation and with the cooperation of the
principals involved (the trustees, banks/depositors)
in a given case or account may lead to faster and
fairer results for our government The ex-FM operatives
we are talking to are not politically motivated and
place no political pre-conditions (e.g. the return of
FM's remains or relatives) on assisting us.
Even if a fraction of what we have uncovered is true,
moving on it correctly and recovering some of it for
our people could alter the course of our history.
VII. Proposed
Courses of Action and Vital Considerations
1. Agree to a detailed presentation only to you or
what we have uncovered to date.
2. Allow us to continue the project to pinpoint
concrete action proposals for your approval.
In this regard, a reporting/feed back mechanism
directly to you must be set up. Some funding support
is also needed even at this preparatory stage.
3. The concrete action proposals will probably take
the form of proposed negotiated settlements with the
parties involved aimed at recovering FM's share for
our government and our people. Each negotiated
settlement will be different in nature. Some may even
be on a country to country basis, requiring your
direct intervention ( e.g. the US and some of the
Asian countries). Most will be between specific banks,
trustees, and signatories and our government. I will
detail some possible negotiated settlement formulas
when we get to meet
4. There are some action proposals that can be done
here immediately like the Central Bank gold and the
PNB/CB sale proceeds and commissions outlined earlier.
Due to the sensitive nature of these actions and the
possible involvement of senior officials of this and
the previous government, I propose we discuss this in
private.
5. On the local front, some of the
trustees/owners/caretakers of the gold already
discovered but stored here in our country have come to
me to explore the possibilities of negotiated
settlements. Initially, some 3,000 MT of gold has been
offered. I have been told, if this succeeds, there is
much more. I have asked that they bring me proof
positive -- gold bars to show you and a visit by me to
the site of the gold stockpile -- before I bring this
whatter up to you for your consideration.
6. In all negotiated settlements, we must exact a
commitment and activate a monitoring mechanism to
ensure that the monies released to parties other than
our government are not used to destabilize our
government
7. Trust is a vital dimension to this undertaking! Our
newfound "partners" -- the FM trustees,
signatories, and caretakers have placed their trust in
this government through me and you -- whom they
believe I report to directly. Some of them have had
"sad experiences" with others in our
government, the details of which I would rather
discuss privately. I ask in turn for your continued
trust and guidance without which we cannot proceed
with this task nor hope to succeed. Greater men than I
have risked their names and reputations on parts of
this puzzle -- some have failed, others have had
dubious interests at heart. I find myself in a
situation where I must try to see this through its
conclusions -- because success means a better life for
all of us.
CONRADO A.
LIMCAOCO, JR.
NOTE- The small stocks being referred to here by Mr.
Limcaoco are actually the so-called unrecorded
accounts of Imelda and FM's children. I was earlier
told by one trustee that some of these smaller stocks
were a part of Mrs-Marcos' compromise deal with the
US. Government, in exchange for her acquittal in the
New York court.
The photocopy of Mr. Limcaoco's letter to Pres. Cory
Aquino was given to me by a RAM officer who is now
living, in the U.S.A. and had a role to play among
Col. Red Kapunan's group who took over Channel 4 at
the height of the 1989 RAM-SFP-YOU coup d'etat. Some
concerned citizens at hotel coffee shops have
circulated other similar photocopies.
Even the defunct Newsday dated February 27, 1990
printed the same.
Limcaoco's Gold Recovery Program had successfully
controlled the part of the Marcos gold specifically
that taken from the Napindan Channel. This was the
very reason why the Yellow Army particularly saw to it
that Channel 4 should be the first target area to
recover. The barricades erected surrounding the TV
station's perimeter were dismantled only after
"the loot" had been successfully brought out
and transferred to "safer" ground. Thus, the
persuasion flight of the U. S. Phantom Jet.
At this point, I would like to reiterate the
misconception that the Marcos gold was the Yamashita
treasure. The mere mention of Sta. Romana's name and
other long existing gold accounts as having never been
moved until the time Marcos gained control over them,
including those at Fort Knox, strongly confirms that
the Marcos gold had been successfully amassed from
different sources. |