Tuesday, 16 February 2016

Jewelry collection valued at about £14.5million that belongs to Philippines former first lady to be auctioned

The jewelry collection of Philippines' former first lady, Imelda Marcos, valued at about £14.5million is to be sold by the Philippines government. The jewels were seized in 1986 when dictator Ferdinand Marcos and his family fled to Hawaii following a popular revolt that ended his 2 decades in power.

Now, 30 years later, the government has approved the auction of the collection, which includes a 25-carat rare pink Indian diamond which was probably cut in the 18th century worth at least £3.5million, officials said.

It is alleged that the dictators family amassed billions of dollars in ill-gotten wealth, his wife, Imelda, who is now a member of congress, was famed for her excesses of which her huge shoe collection was a symbol. The government had formerly tried to auction the jewelry collection in 2005 but that move was contested by Imelda who claimed ownership of two of the three sets, she has vowed to recover what she sees as her family's assets.

The couple's only son, Ferdinand, who is a senator, is in the race for vice president in the countries February elections and the polls show him to be a strong contender.

No comments:

Post a Comment