Special Correspondent :
Bangladesh Bank (BB) has failed to retrieve the $66 million stolen fund from Philippines though two and half years have elapsed since the heist occurred.
Officials said, the issue got stuck in Philippines’ legal and political circles creating the obstacle to get back the fund immediately.
They also said that the chance to get back the fund through bilateral negotiation got narrowed following RCBC’s denial to shoulder the responsibility for the missing chuck of US$81 million BB’s stolen fund in a cyber heist in February 2016.
Against this backdrop, the high-powered government taskforce will hold a meeting on Sunday to set next course of action in this regard.
The meeting will be held at the conference room of the Bank and Financial Institutions Division (BFID) with Senior Secretary
Md Younusur Rahman as the head of task force in the chair.
BB has so far been able to get back only about $15 million out of the $81 million stolen fund despite repeated assurance from the Philippine government.
“The meeting will review the progress of retrieving US$66 million left out fund from Philippines and chart out next way of proceedings to speed up the fund’s recovery,” Md Younusur Rahman told The New Nation yesterday.
He said it would also discuss the possibilities to get back the money through mutual cooperation and understanding between Bangladesh and Philippines.
“The taskforce want to settle the issue out of the court because legal procedure may take long time to get back the stolen fund. We’re maintaining communications with Philippines’ concerned agencies to resolve the issue without filing a case,” said Md Younusur Rahman.
“Obviously, we will be filing a case if reciprocal cooperation fails.”
Unidentified hackers had stolen $81 million from Bangladesh Bank’s reserve account at the New York Fed on February 5, 2016, using fraudulent orders on the SWIFT payments system. The money was sent to accounts at Manila-based Rizal Commercial Banking Corp (RCBC) and then disappeared into the casino industry in the Philippines.
Following the world’s biggest cyber-heist, the government on April 2016 formed the taskforce to speed up the recovery of the reserve fund from Philippines.
“We’re getting ready for legal battle against the RCBC to recover the fund as chance of getting the fund through mutual way got narrowed,” a central bank official told The New Nation yesterday, wising not to be named.
He said that BB will file lawsuit against the RCBC in an international court after getting green signal from the government high-ups.
Bangladesh Bank (BB) has failed to retrieve the $66 million stolen fund from Philippines though two and half years have elapsed since the heist occurred.
Officials said, the issue got stuck in Philippines’ legal and political circles creating the obstacle to get back the fund immediately.
They also said that the chance to get back the fund through bilateral negotiation got narrowed following RCBC’s denial to shoulder the responsibility for the missing chuck of US$81 million BB’s stolen fund in a cyber heist in February 2016.
Against this backdrop, the high-powered government taskforce will hold a meeting on Sunday to set next course of action in this regard.
The meeting will be held at the conference room of the Bank and Financial Institutions Division (BFID) with Senior Secretary
Md Younusur Rahman as the head of task force in the chair.
BB has so far been able to get back only about $15 million out of the $81 million stolen fund despite repeated assurance from the Philippine government.
“The meeting will review the progress of retrieving US$66 million left out fund from Philippines and chart out next way of proceedings to speed up the fund’s recovery,” Md Younusur Rahman told The New Nation yesterday.
He said it would also discuss the possibilities to get back the money through mutual cooperation and understanding between Bangladesh and Philippines.
“The taskforce want to settle the issue out of the court because legal procedure may take long time to get back the stolen fund. We’re maintaining communications with Philippines’ concerned agencies to resolve the issue without filing a case,” said Md Younusur Rahman.
“Obviously, we will be filing a case if reciprocal cooperation fails.”
Unidentified hackers had stolen $81 million from Bangladesh Bank’s reserve account at the New York Fed on February 5, 2016, using fraudulent orders on the SWIFT payments system. The money was sent to accounts at Manila-based Rizal Commercial Banking Corp (RCBC) and then disappeared into the casino industry in the Philippines.
Following the world’s biggest cyber-heist, the government on April 2016 formed the taskforce to speed up the recovery of the reserve fund from Philippines.
“We’re getting ready for legal battle against the RCBC to recover the fund as chance of getting the fund through mutual way got narrowed,” a central bank official told The New Nation yesterday, wising not to be named.
He said that BB will file lawsuit against the RCBC in an international court after getting green signal from the government high-ups.
