Economic Reporter :
Bangladesh is expected to get back US$15.25 million of its stolen reserves from the Philippines within next two weeks, said Bangladesh Bank (BB) deputy governor Abu Hena Mohammad Razee Hassan.
“The judgment on sending back the heist money is in favour of Bangladesh we will get the money back after ‘execution suit’,” he told the New Nation.
The ‘execution suit’ will give the whole procedure for sending back the money from Manila, he said, adding that it needs two weeks to complete the entire process.
Bangladesh Bank’s (BB) general manager Dev Prashad earlier told BSS that, “The amount ($15.25) will be deposited to the Bangladesh Bank’s forex reserve within few days.”
He said the amount is now at Philippines central bank vault to be released “in favour of the People’s Republic of Bangladesh” in line with a court order of that country.
The official said once the money was returned from Manila, Bangladesh Bank would be able to recover a total of $35.25 million out of $101 million stolen from Bangladesh’s account at the New York Fed on February 4 this year. “The court has declared Bangladesh as the rightful owner of the funds, totalling $15 million,” a report from the Philippines capital said quoting chief state counsel of the Philippines’ Department of Justice Ricardo Paras III as saying.
Unknown hackers succeeded in transferring $81 million to four accounts at Rizal Commercial Banking Corp in Manila and another $20 million to a bank in Sri Lanka.
BB was able to bring bank $20 million from Sri Lanka as the transfer of money to the neighboring country was failed because of a spelling error by the hackers.
Bangladesh is expected to get back US$15.25 million of its stolen reserves from the Philippines within next two weeks, said Bangladesh Bank (BB) deputy governor Abu Hena Mohammad Razee Hassan.
“The judgment on sending back the heist money is in favour of Bangladesh we will get the money back after ‘execution suit’,” he told the New Nation.
The ‘execution suit’ will give the whole procedure for sending back the money from Manila, he said, adding that it needs two weeks to complete the entire process.
Bangladesh Bank’s (BB) general manager Dev Prashad earlier told BSS that, “The amount ($15.25) will be deposited to the Bangladesh Bank’s forex reserve within few days.”
He said the amount is now at Philippines central bank vault to be released “in favour of the People’s Republic of Bangladesh” in line with a court order of that country.
The official said once the money was returned from Manila, Bangladesh Bank would be able to recover a total of $35.25 million out of $101 million stolen from Bangladesh’s account at the New York Fed on February 4 this year. “The court has declared Bangladesh as the rightful owner of the funds, totalling $15 million,” a report from the Philippines capital said quoting chief state counsel of the Philippines’ Department of Justice Ricardo Paras III as saying.
Unknown hackers succeeded in transferring $81 million to four accounts at Rizal Commercial Banking Corp in Manila and another $20 million to a bank in Sri Lanka.
BB was able to bring bank $20 million from Sri Lanka as the transfer of money to the neighboring country was failed because of a spelling error by the hackers.
