Bangladesh Bank lawsuit vs RCBC a 'political stunt,' lawyer says


Posted at Feb 01 2019 12:55 PM | Updated as of Feb 01 2019 02:33 PM

MANILA – Bangladesh Bank's planned legal action against Rizal Commercial Banking Corp in New York is a "political stunt" to shift the blame to the Filipino bank, a lawyer for RCBC said Friday.

In February 2016, unidentified hackers stole $81 million from Bangladesh Bank's account at the New York Federal Reserve and shifted the money to 4 RCBC accounts before the money disappeared in Philippine casinos.

"This is nothing more than a thinly veiled PR campaign disguised as a lawsuit. Based on what we have heard, this suit is completely baseless," said RCBC's lawyer, Tai-Heng Cheng.

"We will show that this suit is nothing more than a political stunt by the Bangladesh Bank to try to shift blame from themselves to RCBC," he added. 

Bangladesh's central bank can't file a case in the US in the absence of defendants, Cheng said.

Earlier in January, a Philippine court convicted former RCBC branch manager Maia Deguioto guilty of money laundering. She later filed an appeal.