RCBC admits to gaffe that linked trader to Binay case


Posted at Jul 11 2016 03:54 PM

MANILA – Rizal Commercial Banking Corp. (RCBC) said a businessman accused of being a conduit of former Vice President Jejomar Binay in money laundering did not transact with the bank on the day specified by government investigators.

The bank issued a statement to “rectify” a report it had sent to the Anti-Money Laundering Council (AMLC) that AgriNurture Inc President Antonio Tiu had a $20.4-million transaction on December 10, 2008. The statement was released by Tiu on Monday.

The transaction, which turned out to be non-existent, was the basis for a freeze order on 30 bank accounts under the names of Tiu and his companies.

Tiu said the damage from the “grievous error” was “irreparable” and he would “not stop until justice is served against those who wrongly accused him and his companies.”