Friday 24 May
Mar 12, 2019 @ 16:43

The last straw: RCBC files raps vs Bangladesh Bank for ruining bank’s image over 2016 heist


The scrimmage isn’t over three years after the incident.

It’s been years since the $81-million heist that saw stolen funds from the Bangladesh central bank found their way to fake bank accounts under the Rizal Commercial Banking Corporation (RCBC), but the bad blood remains between these two entities.

The Bank of Bangladesh has filed charges against RCBC in February before a New York court over the still-unsolved cyber heist.

Bangladesh goes to NY court to sue RCBC, accomplices in $81M cyber heist

Now, RCBC is lashing back with their own lawsuit. On March 6, 2019, the Yuchengco-owned bank sued the Bangladesh Bank before the Makati City Regional Trial Court for defamation.

RCBC is claiming that their “reputation has come under the vicious and public attack by Bangladesh Bank since 2016.” What’s more, the bank accused that Bangladesh is merely pulling their leg to “extort money,” saying that the Dhaka authorities are “resorting to public defamation, harassment and threats geared towards destroying RCBC’s good name, reputation, and image, all with the intention of getting RCBC to pay Bangladesh Bank money that RCBC does not have in its custody or possession and which it does not owe to Bangladesh Bank.”

RCBC hires top law firm for Bangladesh lawsuit

A copy of the charge was given to visiting officials from the Bangladesh
Bank Financial Intelligence Unit, who are in Manila this week.

“RCBC had nothing to do with the theft of the funds and has cooperated fully with every investigation into the matter,” said Thea Daep, RCBC’s external counsel from the law firm Villaraza & Angangco. “We will prove in the Philippine court that Bangladesh’s defamation is nothing more than a blatant attempt to shift the blame and cover up their own liability at RCBC’s expense.”

Only $15 million has been recovered and sent back to Dhaka to this day.

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