The New York ruling has been appealed by the RCBC

Rizal Commercial Banking Corp. has resumed (RCBC) has granted a decision of the New York State Supreme Court to deny a motion to dismiss a case brought by the Central Bank of Bangladesh.

The ruling on January 14, 2022 confirmed the court’s jurisdiction in the case brought in connection with the 2016 Cyber ​​Salt. RCBC said earlier this week that the decision, which also ordered the parties involved to mediate the dispute, was in no way the result of Responsibility led by Yuchengco Bank.

“RCBC will continue to vigorously defend the case and consider all options, including the possibility of an appeal against the dismissal requests,” the bank said on Monday.

In the disclosure on Friday, it said “On January 19, 2023 (New York time), RCBC filed with the New York State Supreme Court its Notice of Appeal against the dismissal of its motion to deny.”

It also noted that “The complaint in state court is for transfer/theft/embezzlement; aiding and abetting thereof; conspiracy to commit the same; fraud (against RCBC); aiding, abetting and conspiracy to commit fraud; conspiracy to commit trespass against movables; unlawful enrichment; and restitution received”.

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identified the plaintiffs as consisting of the bank; Jupiter Street Shapes; Branch Manager Maya Santos Deguito; RCBC Officers Angela Ruth Torres, Lawrence V Tan, Raoul Victor P. Tan, Ismail S Kings, Brigitte R Cabinha, Nestor O. Pineda, and Romualdo S. Philrem Service Corp. Baptist Health Officers and Michael Baptiste; Century Tex Trading; William Su Jo Resorts and Hotels, Plumberry; doing business at Solaire Resort & Casino; Eastern Hawaii Leisure Company Limited. doing business at Midas Hotel & Casino; Kam Sin Woong aka Kim Woong; Weikang Shu stands Zizi; Gao Shuhua and 25 John Hill.

The Bangladesh Bank discovered in February 2016 that hackers – later said to be from North Korea – had stolen approximately $101 million from its account at the Federal Reserve Bank of New York. Of this amount, $81 million was deposited in dummy accounts at RCBC’s Jupiter Street branch in Makati. Then it was withdrawn and allegedly laundered through local casinos.

Only $18 million of the money sent to the Philippines has been recovered. RCBC was then fined a record $1 billion by Bangko Sentral ng Pilipinas after an investigation. The senior officials were acquitted, however, only the Jupiter Branch Branch Manager was found guilty of money laundering.

Bangladesh Bank claims that RCBC was complicit in the theft and the Yuchengco-led bank responded by filing defamation charges. A court in Makati dismissed the latter case last year.


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