No reason to compensate Bangladesh: RCBC lawyer

Dhaka,  Thu,  21 September 2017
Published : 30 Nov 2016, 20:14:20 | Updated : 30 Nov 2016, 20:19:13

No reason to compensate Bangladesh: RCBC lawyer

No reason to compensate Bangladesh: RCBC lawyer
A lawyer for Rizal Commercial Banking Corp (RCBC) of the Philippines has said that her client had no reason to compensate Bangladesh Bank over liability for tens of millions of dollars that were looted from a New York bank and then went missing in Manila.

However, RCBC’s External Counsel Thea Daep has said that it should share those results and shed light on the identity of the perpetrators.

“They have no case against us. BB (Bangladesh Bank) was the one who was negligent," Daep said in a statement on Tuesday.

She mentioned that the RCBC received the funds after they went through three layers of highly protected financial institutions.

But Daep said that reports from Bangladesh officials indicated there were insiders in Dhaka facilitating the heist.

"Shortly after, BB decided to abort its investigation, which raises a lot of questions, to say the least," she added.

Unknown cyber criminals tried to steal nearly $1 billion from Bangladesh Bank in February and managed to make off with $81 million via an account at the New York Federal Reserve. That was transferred to four accounts with bogus names at one RCBC branch in Manila before vanishing, according to a news agency. – bz

Editor : A.H.M Moazzem Hossain
Published by the Editor for International Publications Limited from Tropicana Tower (4th floor), 45, Topkhana Road, GPO Box : 2526 Dhaka- 1000 and printed by him from City Publishing House Ltd., 1 RK Mission Road, Dhaka-1000.
Telephone : PABX : 9553550 (Hunting), 9513814, 7172017 and 7172012 Fax : 880-2-9567049
Email :,
Copyright © 2017. All rights reserved
Powered by : orangebdlogo