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RCBC receives fresh court summons over BB heist

13 Jan 2021 17:03, Somoy English Desk
RCBC receives fresh court summons over BB heist
RCBC receives fresh court summons over BB heist

Rizal Commercial Banking Corporation (RCBC) has received new summons over a case filed against the lender over the $81-million Bangladesh Bank heist in 2016.

RCBC said in a filing with the local bourse on Tuesday that it received a notice from the Regional Trial Court of Makati regarding the case filed against it by Bangladesh Bank, reports MSN. 

“The case was filed before the Supreme Court of the State of New York in May [27,] 2020,” the bank said in a filing.

Bangladesh Bank sought compensation for the $81 million it allegedly lost to North Korean hackers who sent multiple remittance orders out of the central bank’s account with the Federal Reserve Bank of New York.

A deputy director of Bangladesh Bank (BB) filed another case over the reserve heist under the Money Laundering Prevention Act in March 2016 with Motijheel Police Station. 

The Criminal Investigation Department (CID) of police was assigned to look into the case by a Bangladesh court.

These funds were allegedly remitted to accounts in RCBC and were also said to have been channeled into local casinos through gambling.

RCBC’s net profit slumped 52% to P893 million in the third quarter from P1.851 billion the previous year. 

This caused its nine-month income to decline 11% to P4 billion from P4.513 billion as it set aside higher loan provisions.

The bank’s shares closed at P18 apiece on Tuesday, down by 50 centavos or by 2.7% from its previous finish.

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