Former manager says bank should return stolen money to Bangladesh
MONEY LAUNDERING: Senators in a huddle during the Senate Blue Ribbon Committee hearing on Tuesday, March 15, 2016, on the alleged $100 million that was laundered in the Philippines. Photo shows (from left to right) Senators Aquilino “Koko” Pimentel III, Joseph Victor “JV” Ejercito, Sergio Osmeña III (seated), Senate President Pro-Tempore Ralph Recto, Juan Edgardo “Sonny” Angara, Alan Peter Cayetano, Teofisto “TG” Guingona III and Vicente “Tito” Sotto III. In his opening statement Guingona said that he “cannot agree to an executive session because subject funds belong to the Bangladesh government which did not invoke confidentiality.”(MNS photo)
MANILA (Mabuhay) – The treasurer of Rizal Commercial Banking Corp. (RCBC) has resigned, the lender announced on Thursday, as authorities investigate its involvement in the $81-million heist on Bangladesh’s central bank.
Raul Tan, who has been with RCBC for seven years, resigned effective Wednesday, according to a stock exchange disclosure. The bank did not say why Tan resigned.
An internal investigation has “cleared” Tan of any participation in the $81 million caper, the bank said. He will be replaced by Carlos Cesar Mercado in an acting capacity.
For its supposed involvement in the money laundering scheme, RCBC should return what should be given back to Bangladesh, a former manager of the bank said on Thursday.
“Sana si RCBC ibalik din niya ‘yung dapat ibalik,” former Jupiter branch manager Maia Santos-Deguito told reporters during the Pandesal Forum at Kamuning Bakery in Quezon City on Thursday.
Hackers stole funds from the Bangladesh Bank account at the Federal Reserve Bank of New York, and moved $81 million into fictitious accounts with the RCBC Jupiter branch.
“I-acknowledge nila (yung pagkakamali nila). Sinabi naman nila sa Senate… I-acknowledge nila ‘yung responsibility nila,” Deguito said.
RCBC president-on-leave Lorenzo V. Tan told the Senate blue ribbon committee on April 12 that the bank is looking at the possibility of returning some of the dirty money.
“If we’re found liable, I would recommend to the board to set aside a certain amount of money,” Tan said.
Senator Ralph G. Recto noted such a move could improve the bank’s market standing.
“If we try about $80 million and $30 million masasauli – assuming lang – natira $50 million at roughly P2.2 billion – assuming that the RCBC gives this to the Bank of Bangladesh, your P5-billion profit minus P2.2 billion, kita pa rin kayo ng P3 billion” the Senator said.
On February 5, unidentified hackers shifted the money from Bangladesh Bank’s account with the US Federal Reserve to RCBC’s branch in Jupiter, Makati.
From RCBC, the money was moved to foreign exchange broker Philrem before it ended up in casinos, which are exempted from money-laundering scrutiny.
Earlier this week, Bangladeshi authorities said they were investigating 12 Filipinos over the incident.
Rizal Bank shares were down 0.31 percent to 31.90 pesos at mid-morning trade Thursday. The Philippine Stock Exchange Index was up 0.33 percent to 7,225.13 points. (MNS)