The money was released because legal action in the Philippines was taking too long and a further freezing would be illegal, said district prosecutor Dieter Jann today, confirming a report in the weekly news magazine Weltwoche. The accounts had been blocked since 1986.

The money, held in the private bank Bancaire Privee, was in the name of former Philippines Energy Minister Geronimo Velasco, his nephew and his secretary. Weltwoche said Velasco's account alone contained $15.5 million.

In a similar move, Jann released another $13 million in accounts linked to Marcos' entourage last August.

In 1997, the Swiss Federal Supreme Court ordered the transfer of $356 million to an escrow account at the Philippine National Bank in Manila.

The money was discovered shortly after a bloodless popular revolt in 1986 toppled Marcos' 20-year rule. Marcos died in exile in Hawaii in 1989. With interest, the sum in the account is now around $700 million.

The Swiss court ruled the money could be released to the Philippine government if Marcos' widow, Imelda, is convicted in the Philippines of criminal wrongdoing in connection with the deposits, and if victims of human rights violations under Marcos are compensated.

A class-action lawsuit by 9,539 Filipinos was filed against the Marcos estate in 1986.

In 1995, a Honolulu jury awarded plaintiffs $2 billion after finding Marcos responsible for summary executions, disappearances and torture. The judgment has been stalled in court and has grown to about $3.1 billion with interest.

Attorneys trying to enforce the judgment have been seeking a deposition from a Swiss financier reported to have managed Marcos' assets.

Jean-Louis Sunier has refused to testify, insisting that under international law attorneys cannot compel him to testify outside his home country. He also argues that he is bound by "professional secrecy" from disclosing information about bank accounts.

Attorneys say Sunier worked at a Swiss bank where an agent for Marcos opened an account in 1972.