RCBC’s case not to create problem: BB governor

Bangladesh Bank (BB) Governor Fazle Kabir today said the defamation lawsuit, filed by Philippines’ Rizal Commercial Banking Corporation (RCBC) against the central bank, will not create any problem to the efforts to recover the stolen money.

“I read about the case of RCBC in newspaper. I see, this is not a problem, they have filed a defamation case as they are in discomfort for the case filed by Bangladesh Bank in the New York court,” he told journalists after the inauguration session of the ‘Janata Bank Annual Conference-2019’ at the Krishibid Institute Bangladesh in the capital.

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BB not worried at RCBC case

He said everything will become clear after a delegation of the Bangladesh Bank returns from Manila tonight.

The five-member Bangladesh team, led by Bangladesh Financial Intelligence Unit (BFIU) Head Abu Hena Mohd Razee Hassan is now staying in Manila, the capital of Philippines, to gear up the legal process through discussions with the authorities concerned for recovering the stolen fund.

The Manila-based RCBC has filed a defamation suit against the central bank of Bangladesh.

The RCBC’s latest move came after filing a case with the US court of Southern District of New York on February 01 by the Bangladesh Bank to recover its stolen money.

The case was filed on the day against seven institutions, including RCBC, 15 individuals and 25 unknown persons to recover more than $66 million stolen money from the Philippines.

Responding to a question regarding the visit of BB team to Manila, the BB governor said, the BB delegation is visiting in the Manila as per the law of New York.

Hackers stole a total US$101 million from Bangladesh’s account with the New York Fed in February 2016.

Of the amount, $81 million was transferred to four accounts with the RCBC in Manila and another $20 million to a bank in Sri Lanka. But the transfer of $20 million to Sri Lanka had failed because of a spelling error by the hackers.

Later, the central bank of Bangladesh was able to retrieve about $15 million from the Philippines.