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Bangladesh Bank governor: RCBC’s case not a problem

  • Published at 10:25 pm March 13th, 2019
web- Bangladesh Bank Governor Fazle Kabir unveiling fiscal’s monetary policy on January 30, 2019  <strong>Mehedi Hasan/Dhaka Tribune</strong>
Bangladesh Bank Governor Fazle Kabir unveiling fiscal’s monetary policy on January 30, 2019 Mehedi Hasan/Dhaka Tribune

He said everything will become clear after the return of the Bangladesh Bank team from Manila

Bangladesh Bank Governor Fazle Kabir on Wednesday 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 city.

He said everything will become clear after the return from Manila the Bangladesh Bank team, led by Bangladesh Financial Intelligence Unit (BFIU) Head Abu Hena Mohd Razee Hassan.

A five-member Bangladesh delegation 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 1 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 Bangladesh Bank team to Manila, the central bank governor said, the Bangladesh Bank 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 was able to retrieve about $15 million from the Philippines.