Philippines can get RCBC to pay: Anisul Huq

Dhaka,  Mon,  25 September 2017
Published : 01 Dec 2016, 21:58:31 | Updated : 01 Dec 2016, 22:10:39

Philippines can get RCBC to pay: Anisul Huq

Philippines can get RCBC to pay: Anisul Huq
Philippines' government can get Rizal Commercial Banking Corp (RCBC) to pay back Bangladesh’s stolen reserve money, Law Minister Anisul Huq has said.

RCBC, the bank at the centre of the $81 million heist, has refused to take responsibility or compensate Bangladesh.

It instead pointed the finger at Bangladesh Bank for negligence, suggesting the cyber theft was an inside job.

“RCBC will have to pay the money,” said Huq, who recently led a team to Manila to expedite the return of the money.

Bangladesh, he said, had the Philippines government’s support.

In February, unidentified hackers tried to steal nearly $1 billion but managed to get away with $81 million from Bangladesh Bank’s account at the New York Federal Reserve.

The reserve money was transferred to fake accounts at an RCBC branch in Manila before vanishing.

Most of the money transferred to the Philippines through fake SWIFT messages was laundered through casinos.

About $15 million has been recovered from a gaming junket operator and was returned to Bangladesh, with a further $2.7 million frozen, according to a news agency. – bz

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