Senate identifies 11

Hearing on BB heist postponed till May 12

The Philippines blue ribbon senate committee and other government agencies have identified a total of 11 people who were involved in the theft of $81 million from a Bangladesh Bank account with the US Federal Reserve Bank in New York. The people identified are Casino junket operator Kim San Wong, four bankers of Rizal Commercial Banking Corp. (RCBC) including its president, the owner couple of remittance company PhilRem, a employee who carried the money and two Chinese friends of Wang.
Casino junket operator Wong is a close friend of RCBC President Lorenzo Villanueva Tan. This is the reason Wong chose his friend’s bank RCBC to transfer the Bangladesh Bank money stolen through cyber hacking. This allowed him to open four fake accounts and quickly transfer the dollars to these accounts. This is the reason the RCBC also did not pay heed to three separate stop orders issued by Bangladesh Bank to freeze the money.
Senator Teofisto L. Guingona III, chairman of the Senate Blue Ribbon Committee, mentioned these stop orders from Bangladesh Bank during the 5th and 6th hearing of the committee.
Meanwhile, the PhilRem also played its part by quickly converting the stolen $81 million dollars into local currency from these fake accounts and delivered these to Wong and his friends. It has been learned that the Batista couple, who owns the PhilRem, also have close relations with Wong. Two Chinese nationals, close to Wong, were also involved in the theft.
Talking to The Independent on Monday, Bangladesh Ambassador to Philippines John Gomes also identified Kim Wong as the mastermind. “Because the money came to RCBC and PhilRem handled the money with Kim Wong working with both the parties, he is the mastermind. He has also returned $17 million so far. Kim Wong has claimed that PhilRem has another $18 million but the remittance company has refused that,” he said.
The RCBC has already taken punitive measures against the four bankers including its president. After Wong returned $17 million, now PhilRem will also return $13 million. But the two Chinese nationals and the hackers still remain out of trace.
Meanwhile, the Philippines senate has suspended its inquiry into the laundering of $81 million stolen by hackers from the Bangladesh central bank, reports Philstar.com
Sen. Teofisto L. Guingona III, chairman of the Senate Blue Ribbon Committee, scheduled the seventh committee hearing on May 12 or three days after the May 9 elections.
“We have suspended the investigation because many members of the Blue Ribbon committee are on the campaign trail,” committee vice chairman Sen. Sergio Osmeña III told reporters.
The senator noted that the committee’s seventh public hearing was set back by the failure of the lawyers of key witnesses Kim Wong, Maia Deguito, RCBC Jupiter St., Makati City branch manager; and PhilRem, to promptly submit their waivers on the disclosure of their phone records.
The parties have given conflicting testimonies at the Senate, particularly on $17 million in cash that PhilRem claimed to have delivered to Chinese national Weikang Xu at Solaire Casino in the presence of Wong, but which Wong claimed to have never received.
Most of the stolen Bangladeshi funds ended up in two casinos – Solaire in Entertainment City and Midas on Roxas Boulevard in Pasay City. Committee vice chairman Osmeña has expressed confidence that the Senate would be able to recover between $32 million and $34 million of the $81 million.
Meanwhile, the Philippines Department of Justice (DOJ) yesterday assured that the money stolen by hackers from the Bangladesh Bank will be returned to its government as soon as possible but procedures have to be followed.
Acting Justice Secretary Emmanuel Caparas made the pronouncement after the ambassador from the Bangladeshi government visited the DOJ. “The visit of the Bangladesh ambassador was just to make sure and essentially to ask not just for our support or help but something could be done as soon as possible,” Caparas said.
“We did assure them that that is being done. The legal process which involves making sure it goes as quickly as possible,” he added.
Last February, instructions to steal $951 million from Bangladesh Bank, were issued. Five transactions issued by hackers or insiders worth $101 million from a Bangladesh Bank account with the Federal Reserve Bank of New York succeeded, with $20 million traced to Sri Lanka and $81 million to the Philippines. The funds in Sri Lanka have since been recovered. The international transfer desk of the intermediate bank, Deutsche Bank, further blocked $850 million in 35 transactions.

Senate identifies 11

Hearing on BB heist postponed till May 12

The Philippines blue ribbon senate committee and other government agencies have identified a total of 11 people who were involved in the theft of $81 million from a Bangladesh Bank account with the US Federal Reserve Bank in New York. The people identified are Casino junket operator Kim San Wong, four bankers of Rizal Commercial Banking Corp. (RCBC) including its president, the owner couple of remittance company PhilRem, a employee who carried the money and two Chinese friends of Wang. Casino junket operator Wong is a close friend of RCBC President Lorenzo Villanueva Tan. This is the reason Wong chose his friends bank RCBC to transfer the Bangladesh Bank money stolen through cyber hacking. This allowed him to open four fake accounts and quickly transfer the dollars to these accounts. This is the reason the RCBC also did not pay heed to three separate stop orders issued by Bangladesh Bank to freeze the money. Senator Teofisto L. Guingona III, chairman of the Senate Blue Ribbon Committee, mentioned these stop orders from Bangladesh Bank during the 5th and 6th hearing of the committee. Meanwhile, the PhilRem also played its part by quickly converting the stolen $81 million dollars into local currency from these fake accounts and delivered these to Wong and his friends. It has been learned that the Batista couple, who owns the PhilRem, also have close relations with Wong. Two Chinese nationals, close to Wong, were also involved in the theft. Talking to The Independent on Monday, Bangladesh Ambassador to Philippines John Gomes also identified Kim Wong as the mastermind. Because the money came to RCBC and PhilRem handled the money with Kim Wong working with both the parties, he is the mastermind. He has also returned $17 million so far. Kim Wong has claimed that PhilRem has another $18 million but the remittance company has refused that, he said. The RCBC has already taken punitive measures against the four bankers including its president. After Wong returned $17 million, now PhilRem will also return $13 million. But the two Chinese nationals and the hackers still remain out of trace. Meanwhile, the Philippines senate has suspended its inquiry into the laundering of $81 million stolen by hackers from the Bangladesh central bank, reports Philstar.com Sen. Teofisto L. Guingona III, chairman of the Senate Blue Ribbon Committee, scheduled the seventh committee hearing on May 12 or three days after the May 9 elections. We have suspended the investigation because many members of the Blue Ribbon committee are on the campaign trail, committee vice chairman Sen. Sergio Osmea III told reporters. The senator noted that the committees seventh public hearing was set back by the failure of the lawyers of key witnesses Kim Wong, Maia Deguito, RCBC Jupiter St., Makati City branch manager; and PhilRem, to promptly submit their waivers on the disclosure of their phone records. The parties have given conflicting testimonies at the Senate, particularly on $17 million in cash that PhilRem claimed to have delivered to Chinese national Weikang Xu at Solaire Casino in the presence of Wong, but which Wong claimed to have never received. Most of the stolen Bangladeshi funds ended up in two casinos Solaire in Entertainment City and Midas on Roxas Boulevard in Pasay City. Committee vice chairman Osmea has expressed confidence that the Senate would be able to recover between $32 million and $34 million of the $81 million. Meanwhile, the Philippines Department of Justice (DOJ) yesterday assured that the money stolen by hackers from the Bangladesh Bank will be returned to its government as soon as possible but procedures have to be followed. Acting Justice Secretary Emmanuel Caparas made the pronouncement after the ambassador from the Bangladeshi government visited the DOJ. The visit of the Bangladesh ambassador was just to make sure and essentially to ask not just for our support or help but something could be done as soon as possible, Caparas said. We did assure them that that is being done. The legal process which involves making sure it goes as quickly as possible, he added. Last February, instructions to steal $951 million from Bangladesh Bank, were issued. Five transactions issued by hackers or insiders worth $101 million from a Bangladesh Bank account with the Federal Reserve Bank of New York succeeded, with $20 million traced to Sri Lanka and $81 million to the Philippines. The funds in Sri Lanka have since been recovered. The international transfer desk of the intermediate bank, Deutsche Bank, further blocked $850 million in 35 transactions.