Staff Reporter :
Bangladesh would seek $50 million compensation from Rizal Commercial Banking Corporation (RCBC) of Philippines for laundering the $81 million stolen from Bangladesh Bank’s reserve account held with the Federal Reserve Bank of New York.
The funds were transmitted online to four private accounts at a Manila branch of the RCBC and they later managed to withdraw the fund with the help of some RCBC officials.
“Definitely, we would seek from RCBC to release some money,” Bangladesh’s ambassador to the Philippines John Gomes came up with the statement in an interview with the Philippine Daily Inquirer on Sunday.
“In the Senate hearing, they had informed (the public) that if RCBC was made liable, they would take it to their board to compensate (Bangladesh) with $50 million. This amount was very clearly mentioned,” he said.
“RCBC said if they were made liable, they would put it up to the board,” Gomes said, reiterating his stand that the Yuchengco-controlled bank was liable for not stopping the release of the stolen funds despite a so-called “stop payment” order conveyed to it subsequently.
“Now this is one of our main points. It was discussed in the Senate and they had given us a sort of a commitment that they will put this up to the board and let the Senate know. Now that they have been made liable-because of the fine [imposed by the Bangko Sentral ng Pilipinas] and the cases filed against their officials-definitely we would seek for RCBC to release some money,” the Ambassador said.
Bangladesh has so far recovered $15 million of the funds which was voluntarily turned over by casino junket operator Kim Wong to the Anti-Money Laundering Council (AMLC) after the scandal broke.
A high-level Bangladesh delegation is now in Manila to press for the return of missing Bangladesh Bank funds that were laundered in the Philippines.
Gomes said the visiting Bangladeshi delegation led by Law Minister Anisul Huq will officially convey its government’s gratitude to the Philippines for efforts to recover the missing funds and prosecute those who were guilty for aiding and abetting the crime.
The delegation also includes the attorney general, central bank governor, Ministry of Finance Secretary and a parliamentarian.
The delegation was scheduled to meet with Philippines President Rodrigo Duterte on Monday. But the meeting was not held as the President had reportedly been skipped the meeting, reports Daily Inquirer.
“The President was supposed to meet with senior Bangladeshi officials at 2:30 pm, but he had to skip the meeting “due to pressing matters that demand the President’s immediate attention,” said Presidential spokesperson Ernesto Abella Abella.
Abella said the representatives of the Bangladeshi government had met with the appropriate heads of agencies to discuss their concern regarding the stolen $81 million from the Bangladesh bank, which was laundered in the Philippines
The Bangladeshi delegation met with Senate President Aquilino Pimentel III as well as Justice Secretary Vitaliano Aguirre II to get the latest developments on cases filed against officials of RCBC and money changer Philrem Service Corp., which facilitated the conversion of the funds into local currency.
Gomes said the Bangladeshi delegation would also meet with Finance Secretary Carlos Dominguez III and BSP Governor Amando Tetangco Jr. during their four-day visit.
An investigation by the Philippines Anti-Money Laundering Council showed the transfers occurred February 5. Shortly afterward, a bulk of the money was moved to another RCBC account whose owner then sent the funds through a remittance company to two Philippine casino companies. The remittance company also made cash deliveries to a certain Weikang Xu.
The anti-money laundering council later moved to freeze the funds and filed criminal complaints against RCBC branch manager Maia Santos-Deguito and the supposed owner of the four RCBC accounts where the stolen Bangladesh funds were deposited, before the Department of Justice in Manila.
The council alleged that Deguito approved the opening of the four RCBC accounts on May 15 last year based on what appeared to be fake documents of the owners, who were later also able to withdraw some of the funds in one of the largest money-laundering scandals in the Philippines.
The funds were withdrawn up to February 9 when the Bangladesh Bank already alerted RCBC and asked for a stop payment on February 8.
