RCBC threatens to file a lawsuit against BB

Listed Yuchengco-led Rizal Commercial Banking Corporation (RCBC) has threatened to file a lawsuit against Bangladesh Central Bank officials for allegedly claiming the local bank's involvement in the world's largest cyber heist in history.

RCBC's statement comes after the announcement of BB, saying that it would file a lawsuit against RCBC over alleged involvement in the $81-million cyber heist that happened two years ago. “RCBC has had it and will consider a lawsuit against Bangladesh Central Bank (BB) officials for claiming the bank had a hand in the $81-M cyberheist two years ago," the bank said. RCBC said, “We will not allow them to continue to malign RCBC. Various reports, including their own, indicate an inside job. BB and Dhaka officials refuse to release their findings to hide from the Bangladeshi public what could very well be the involvement of its own officials who may have helped loot their money deposited with the New York Federal Reserve." RCBC has rejected the allegations and accused Bangladesh Central Bank of perpetuating the cover-up and using the Philippine bank as a scapegoat “to keep their people in the dark.” Hackers initiated fake transfer orders close to $1 billion from the Bangladesh Bank's New York Fed account to several fictitious accounts at the Manila-based RCBC. The US bank was able to stop 30 of the 35 transactions. Hossain refused to give details of the state-sponsored strategy to recover the money from the heist. Wire agency AFP reported that it will be filed in New York in April. “If they sue, RCBC is ready and prepared. The first thing we will ask is for BB and Dhaka to submit to court their findings. If they refuse, they will suffer from comparison since RCBC willingly shared information to the extent allowed by law. And why sue RCBC when they should be suing instead their own, the criminal elements from within?” RCBC said. The Yuchengco-led bank said it was time for BB and Dhaka to “come clean and give its people answers.”