INTREVIEW – Philippines’ Marcos fights to get wealth back

Former Philippine first lady Imelda Marcos, who won a seat in the lower house of Congress in this week’s elections, said on Thursday she was confident of winning back much of the wealth seized from her family.

Marcos, known for her large collection of jewellery and 1,200 pairs of shoes, said she would not accept a compromise deal but would pursue her claims through the courts.

“I am sure that the things that are ours and truly ours will come back,” the 80-year-old told Reuters by phone from the northern Ilocos Norte province. “Truth and justice sometimes grind exceedingly slow, but grind exceedingly well.”

Imelda’s late husband Ferdinand was president for nearly two decades, ruling with an iron fist before he was ousted in an army-backed popular uprising in 1986. He was accused of amassing more than $10 billion while in office.

His successor, democracy icon Corazon “Cory” Aquino set up a search and recover agency which seized more than $5 billion worth of Marcos’ alleged ill-gotten assets. The government also offered deals to the Marcoses to settle litigation over some of the remaining wealth.

“Marcos was not a thief,” said Imelda, who is returning to Congress after serving one term in 1995-1998.

“I never wanted any compromise agreement. There will be no compromise because truth, honour and justice are non-negotiable,” she said. “The truth will set us free because we are on the side of the truth and of God. And, if you are on the side of truth and God, nobody can touch you.”

Imelda said she decided to run for public office because she does not want to enter into any compromise with government on the allegedly ill-gotten wealth and on the family’s demand for a hero’s burial for the deposed dictator.

“The number one role and responsibility of government is justice,” she said. “Even in the case of the Marcoses, there is no justice. Even the dead Marcos is still waiting for an honourable burial. I think it’s about time they do the right thing.”

Imelda’s eldest daughter, Imee, also won the Ilocos Norte governorship, and her only son, Ferdinand Jr, is likely to win a seat in the upper house of Congress.

Powerful clans continue to play a key role in politics in the Philippines. Senator Benigno “Noynoy” Aquino, who is set to succeed President Gloria Macapagal Arroyo, belongs to a political family that has ruled the northern Tarlac province for decades.

Imelda said she would pray for Aquino’s success “for the sake of the Filipino people”.

“You need a real expert there who has done a lot of public service,” she said. “I’ll also pray harder that he succeeds in his campaign of eliminating corruption because then, truth will come out and we’ll be vindicated.”

(Editing by Andrew Marshall and Krittivas Mukherjee)

Queensland Raceway unfit to host V8s

V8 Supercars chairman Tony Cochrane says Queensland Raceway will have to be improved to host a series event in future.

After a dramatic weekend which featured two much-publicised crashes in the support category Mini Challenge, questions were raised about the Ipswich track’s safety.

While an internal investigation into Saturday’s spectacular crash which sent two spectators to hospital is underway, V8 Supercars’ issues are with what they consider inadequate infrastructure at the venue.

The circuit was dropped from the series earlier in the year following a split between V8 Supercars and track management, only to be restored following a compromise deal brokered by the Ipswich City Council.

That deal however was only for this year and while Cochrane says he was happy with several upgrades made to facilities before last weekend’s meeting, more would be needed to keep the V8s going there in the future.

“There’s no question that for it to be a long-term venue for … V8 Supercars – it’s going to require some capital expenditure and some things improved, particularly from a fan usage point of view,” Cochrane told the SpeedCafe website.

Queensland Raceway circuit owner John Tetley, who has a strained relationship with V8 Supercars, hailed last weekend’s event as a success and said he was keen to open talks with V8s about future championship events at the venue.

“It’s up to them,” Tetley said.

“V8s put its calendar together later in the year, and we’ll do our best to accommodate the best we can by shifting things around.”

In other news for the V8s, the category is expected to announce a new five-year deal to race at the Australian Formula One grand prix in Melbourne.

The deal will keep the V8s at the Formula One event at Albert Park until 2015 with a stand-alone pit precinct for the category believed to be a crucial part of the deal.

“From our point of view, we are very focused on a new five-year deal at the Australian grand prix,” Cochrane said.

“To do that, we need our own pit complex, our own pit building, and we are in the very final throws of putting all the pieces of the jigsaw together.”

Group attacks ‘discriminatory’ Youth Allowance changes

Central Victorians have been excluded from a compromise deal to allow some regional students to qualify for Youth Allowance under the old system.

The Senate has passed the Federal Government’s changes which will allow rural and outer regional students to receive the student income support under the old criteria.

But central Victorians, including students from Bendigo, Rushworth, Rochester and Echuca, will have to meet the new tougher rules to get the payment.

Brigid Evans from the Bendigo Youth Allowance Action Group says the new system discriminates against many country students, who will now face tougher barriers to access assistance.

“I think it is still quite discriminatory against regional students,” she said.

“We’ve been lumped in the same category as city students but we don’t have access to nearly as much as they do.”

Rural students escape Youth Allowance changes

The Federal Government has agreed to make rural students exempt from changes to its overhaul of the Youth Allowance system in order to win Opposition support.

The Government’s proposed changes to student support payments have been stuck in a Senate stalemate for months.

The Government wanted to tighten the eligibility criteria for students receiving the payments, but Deputy Prime Minister Julia Gillard has agreed to some of the Opposition’s demands.

Students from outer regional and remote areas will be able to qualify for Youth Allowance under the existing criteria so long as their parents earn less than $150,000.

The Government will fund the changes by reducing the annual student start-up scholarships by $126.

Opposition education spokesman Christopher Pyne says he would have liked the Government to go further.

“We believe the inner regional young people should have the same tests applied to them as rural and remote young people,” he said.

Carla Drakeford from the National Union of Students says the compromise deal is a big win for rural students.

“We are obviously very happy that it will be passed this week because it is the deadline essentially,” she said.

“If it was passed any later, students would not be receiving scholarships, so we’re happy that the stage has finally ended.”

Latvia’s Parex Bank lives on after striking deal with lenders

Riga – Troubled Latvian bank Parex got a boost on Thursday when it confirmed it had agreed terms with creditors to pay back around 775 million euros (1 billion dollars) in syndicated loans.

Failure to reach a compromise deal would have seen a group of 60 lenders, including Germany’s Commerzbank, demanding immediate payment, effectively forcing Parex out of business.

“Parex is glad to announce that it has successfully completed the negotiation process with its syndicated lenders, reaching an agreement on the terms of the repayment,” said a company statement.

Under the terms of the deal Parex will pay 30 per cent or 232.5 million euros immediately, with further annual payments over the next two years.

“The signing of the agreement with the syndicated lenders evidences the completion of a crucial stage in the stabilization process of the bank,” said Parex chairman Nils Melngailis.

Melngailis also re-affirmed that Parex’s potential was being evaluated by the European Bank for Reconstruction and Development (EBRD).

On Wednesday the EBRD’s Varel Freeman said the organization would confirm the exact nature of its interest in coming weeks, though it is likely to be an investment of around 100 million euros for a minority stake in Parex of around 25 per cent.

Parex’s near-collapse and sudden nationalization in late 2008 shocked Latvia when founders Valery Kargin and Viktor Krasovickis sold their 85 per cent holding in the high-flying bank to the state for just 1 lat (1.80 dollars) each.

Prominent local businessman Melngailis was put in charge and has so far proved effective in reviving Parex’s fortunes. (dpa)

Zardari must restore PM’s constitutional powers to save his political career: Expert

Islamabad/Lahore, Mar.15 (ANI): A retired Lieutenant General of the Pakistan Army and well-known security and political analyst, has claimed that President Asif Ali Zardari can save his political career only if he hands over constitutional powers to Prime Minister Yousuf Raza Gilani.

Lt. Gen. (retired) Talat Masood said Zardari has proved to be a “disappointment” as President so far.

“People are very concerned about how their political leaders, especially Zardari, are handling affairs of state,” he said.

“He can only survive if he lets the prime minister take constitutional powers in the next 48 hours,” The Times quoted him, as saying.

The statement came as the Pakistan Army announced yesterday that its troops were on standby in case of violence at the mass demonstration in Islamabad on Monday.

Zardari is close to facing a revolt from inside his party, as negotiations to end a standoff with opposition leaders failed to make headway.

Zardari has spurred dissent in the ruling Pakistan People’s party (PPP) with his dictatorial handling of the crisis, which began last month when Nawaz Sharif, the opposition leader, was banned from holding public office and direct rule was imposed on his political heartland, Punjab, the country’s largest state.

Political analysts say Zardari, who came to power last year on a sympathy vote after the assassination of his wife Benazir Bhutto, has further alienated voters with his heavy-handed clampdown on a nationwide protest by lawyers demanding the reinstatement of senior judges sacked in 2007.

More than 400 protesters have been arrested and main roads blocked to stop the lawyers going ahead with a “long march” to the capital, Islamabad, in their campaign for judicial independence.

Zardari is reported to have angered both Gilani and Chief of Army Staff General Ashfaq Kayani, by refusing to accept a compromise deal they had proposed to avert chaos.

Under the deal, backed by Britain and the US, the ban on Sharif, a former prime minister, and his brother Shahbaz Sharif, former chief minister of Punjab, from holding office would be lifted. It would also end direct rule in Punjab and reinstate Iftikar Chaudhry, the former chief justice, to a senior judicial role.

Last night, in what was seen in Islamabad as a significant concession by Zardari, a government spokesman said a review would be held of the Supreme Court’s ban on Sharif and his brother holding office.

An emergency meeting of the ruling party’s executive this weekend was postponed because of fears there would be too much dissent.

The unrest has led to fears that the army may intervene, reimposing military rule just a year after civilian authorities took power.

Meanwhile, Nawaz Sharif has attempted to project himself as the voice of moderation when he said in Lahore that he was ready to work with Zardari, if the president stuck to his promises.

Doubts are growing about whether Zardari can meet the opposition’s demands and survive a political backlash from his own party faithful.

He has already backtracked on three earlier pledges to reinstate Chaudhry because the former chief justice opposed an amnesty that absolved Zardari of corruption charges during his late wife’s two terms as prime minister. (ANI)