Philippines’ central bank ordered to return $15.25 m to Bangladesh

Philippines’ central bank ordered to return $15.25 m to Bangladesh

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Dhaka: A Philippines court on Monday ordered Banko Sentral ng Philipinas, the central bank of the country, to return about $15.25 million to Bangladesh, a portion of the money which was recovered after stealing from Bangladesh Bank’s reserve account.
“We received a copy of the court order today (Monday) from the Department of Justice (DoJ) in the Philippines in this regard,” FM Mokammel Huq, general manager of Department of Communications and Publications of Bangladesh Bank, told reporters while briefing on the issue at the central bank. UNB News Agency Reported.
“The DoJ represented Bangladesh side in the case settled by a regional trial court,” he added.
He said after the hearing on a case the National Capital Judicial Region issued the order to return $4.63 million and 488.28 Pilipino Currency Peso to Bangladesh, which is equivalent to $15.25 million.
This has been the first win in a case out of several now pending with Philippines court on the issue of Bangladesh’s money heist.
“Now hearing will be held on the other cases involving RCBC bank in the Philippines and other parties as part of the effort to recover the entire money,” said the BB official.
The official said the Philippines court order came during the hearing on the case between Kam Sin Wong and the government of the Philippines over the Bangladesh Bank money heist.
Wong is a Pilipino businessman who deposited the money to the Philippines authority following filing of a case against him for his involvement in money laundering.
Bangladesh Bank officials said now Bangladesh’s central bank and the Philippines’ central bank will fix a process as to how quickly they could return the money to Bangladesh.
Debaprosad Devnath, general manager and operational head of Bangladesh Financial Intelligence Unit, also spoke at the press briefing.
Bangladesh’s a total of $81 million was heist by international cyber hackers from its treasury account with the New York’s US Federal Reserve Bank on January 5 this year.
The hackers used RCBC bank in the Philippines to receive the money. But later the Philippines authorities recovered a part of the money.
After an investigation, Anti-Money Laundering Council (AMLC) of the Philippines charged Pilipino businessman Kam Sin Wong for his involvement in the money laundering incident.
Mokammel Huq said Bangladesh government, Bangladesh Bank and Bangladesh Embassy in the Philippines made all-out efforts in a coordinated manner to recover the money for which the success has come.

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