Philippines court orders to return recovered money

Dhaka,  Monday,   2016-09-19
Published : 19 Sep 2016, 17:15:42 | Updated : 19 Sep 2016, 23:08:51

Philippine court orders to return recovered money to BB

A Philippine regional court ordered the country’s central bank to return the recovered portion of total stolen money to the Bangladesh central bank.

The Philippine central bank, Bangko Sentral ng Pilipinas (BSP) , has to return the portion, totaling $15.25 million, of the $81 million that was stolen from Bangladesh Bank’s Federal Reserve account earlier this year, reports Investing.com quoting Reuters.

The court declared Bangladesh as the rightful owner of the funds, totaling $15.25 million, Ricardo Paras III, chief state counsel of the Philippines' Department of Justice, said while reading a copy of the court's ruling on Monday.

Unknown hackers tried to steal nearly $1 billion from the Bangladesh central bank's account at the Federal Reserve Bank of New York in early February, and succeeded in transferring $81 million to four accounts at Rizal Commercial Banking Corp in Manila.

During a Philippine Senate hearing into the heist which ended in May, a casino junket operator claimed to have received $35 million of the stolen funds but only returned $15 million. It is not clear what happened to the remainder of the money.

Bangladesh had to file a petition staking its claim to the money before it could be turned over to them.

"(The) court ordered the release of the cash now in the BSP vault in favor of the People's Republic of Bangladesh," Paras said.

Bangladesh is also seeking to recover another $2.7 million frozen by the Philippines' casino regulator. –RH
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