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'Execution suit' filed to send back $15.25m to Bangladesh from Manila

  • Published at 06:43 pm October 22nd, 2016
'Execution suit' filed to send back $15.25m to Bangladesh from Manila
"The 'execution suit' will outline the whole procedure for sending back the money from Manila," Bangladesh Bank Deputy Governor Abu Hena Mohammad Razee Hassan said on Saturday, reports BSS. "We expect the entire process to be cleared by the second week of November," he added. According to Bangladesh Bank, the recovered amount is now at Philippines Central Bank vault. "A Manila court declared Bangladesh as the rightful owner of the funds, totalling $15.25 million," said a report from the Philippines capital, quoting Chief State Counsel of the Philippines' Department of Justice Ricardo Paras III as saying. After the return of the money from Manila, the total recovered amount will stand at $35.25 million as Bangladesh Bank was able to bring back $20 million earlier from Sri Lanka. Unknown hackers stole a total of $101 million from Bangladesh's account at the New York Fed on February 4 this year. They were able to transfer $81 million to four accounts at Rizal Commercial Banking Corp in Manila and another $20 million to a bank in Sri Lanka. But the transfer of $20 million to Sri Lanka failed because of a spelling error by the hackers.