Philippine bank and Bangladesh play blame game over missing millions

By Karen Lema MANILA (Reuters) – Philippine lender RCBC and a Bangladeshi minister traded blame on Tuesday over liability for tens of millions of dollars that were looted from a New York bank and then went missing in Manila after one of the biggest bank frauds ever. Unknown cyber criminals tried to steal nearly $1 billion from Bangladesh Bank in February and managed to make off with $81 million via an account at the New York Federal Reserve. The lawyer for RCBC, or Rizal Commercial Banking Corp (RCBC), said that her client had no reason to compensate Bangladesh Bank, saying that the lender was "negligent" because the initial security breach was its own fault.

Original story here.

This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply