Honolulu Star-Bulletin Local News
Lawyer to jury:
Base award on
gold bullion

The treasure hunter's attorney seeks
$22.6 billion for his client

By Linda Hosek
Star-Bulletin



Forget about the 17 gold bars and three handfuls of diamonds stored in the belly of an alleged solid gold Buddha.

Go for the gold bullion.

The attorney for a Philippines treasure hunter yesterday asked jurors to award his client $22.6 billion for tons of gold bullion that he said the late Philippine President Ferdinand Marcos stole from him in 1974 and 1975.

Oh, and throw in a mere $1.3 million for the one metric ton of gold for the stolen Buddha, said Daniel Cathcart, representing an Atlanta corporation formed on behalf of Roger Roxas to recover the value of his 1971 treasure.

Cathcart, who concluded his four-hour closing argument in the so-called "Golden Buddha" trial with the proposed 11-figure award, called it both "astronomical" and "conservative."

But James Linn, Oklahoma attorney for the Marcos estate, said the proposed billions were based on a gold Buddha and bullion that never existed. He said a Philippine court ruled that the Buddha was bronze.

He was to present his closing argument today.

Cathcart described how Roxas, a locksmith, found the treasure in January 1971 in tunnels behind a hospital in Baguio City, about 150 miles north of Manila.

He said Roxas rolled the Buddha on logs to his home but dynamited the tunnels to secure his bullion boxes until he could raise money to return for them.

Cathcart said Marcos had his palace forces raid Roxas' house a few months later, stealing the Buddha and leaving a bronze replica of it with the courts.

He also said Marcos had his forces retrieve the bullion from the tunnels and tried to launder it to remove Asian markings.

The Los Angeles attorney reviewed witnesses who had seen it or had discussed it with Marcos.

Cathcart urged jurors to award Roxas money for pain, suffering and anxiety for torture by Marcos forces but did not propose an amount.

He said Roxas endured beatings, electric shock and cigarette burns that disfigured him. He died at age 49 in 1993, shortly before a trial in his case was to begin.

Cathcart also said the Marcos government falsely imprisoned Roxas, framing him with a firearm.

He served about two years.

Cathcart said the $22.6 billion could represent the entire bullion or it could be only one of three volumes of gold witnesses saw.

He said he arrived at the figure by converting what witnesses saw into volume and then into weight.

He also said the figure represents the price of gold in 1974 and 1975, based on a ruling by Circuit Judge Marie Milks.

Cathcart called the ruling "unfair," saying it let the Marcos estate keep the profit.

The price of gold has increased from $160 an ounce in 1974 to $384 today, which would turn the award into $55.5 billion, he said.

He also said jurors need not focus on the value of the gold bars, which were minor, or the diamonds from the Buddha's belly.




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