New York court ruling in favor of Bangladesh, Philippines appeals
The Rizal Commercial Banking Corporation (RCBC) of the Philippines has appealed against the judgment given by the New York Supreme Court in favor of Bangladesh in the case related to the theft of bank reserves. On January 13 this year, the court gave the verdict in favor of Bangladesh. The Philippines later appealed.
On Friday (January 20), the news agency Reuters reported this information from the Philippine media replar.com. The New York Supreme Court ruled in favor of Bangladesh on January 13 in the reserve theft case. However, the accused bank Rizal Commercial Banking Corporation (RCBC) of the Philippines has appealed against this verdict.
According to the report, in February 2016, hackers stole 80 million dollars of Bangladesh Bank deposited at the Federal Reserve Bank of New York by ordering fake money transfers to the global banking system SWIFT.
The hackers sent 35 fake money transfer messages to the international banking system SWIFT to steal the money. Of this, only two million dollars were recovered from Sri Lanka. The remaining six million ten million dollars went to various individuals and institutions through RCBC Bank of the Philippines, which has not yet been returned to Bangladesh.
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Since this incident, Bangladesh Bank has been holding RCBC and some of its senior officials responsible. However, Manila-based Rizal Bank has been rejecting this complaint of Bangladesh Bank since the beginning.
Bangladesh sued the New York Supreme Court to get the money back. Rizal Bank made two applications to cancel the case. But the Supreme Court of New York ruled that the case will continue.
Besides, the court also ordered Bangladesh Bank and Rizal Bank to mediate. In response to this verdict, Rizal Bank said that they will continue the legal fight.
On the other hand, Bangladesh Bank welcomed the judgment of the New York Supreme Court. In a statement this week, Bangladesh Bank said that Bangladesh will be able to continue the necessary legal fight with this ruling.
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According to the information provided by Bangladesh Bank, RCBC will now have to mediate with Bangladesh or prepare for a long legal battle, a source in Dhaka told Reuters on condition of anonymity.
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