$34M may be recovered – Recto

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The Philippines may still recover 40 percent or about $34 million of the $81 million stolen by hackers from Bangladesh Bank, according to Sen. Ralph Recto.

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The senator raised the possibility after learning during the Senate hearing that not all of the $81 million was laundered successfully in Philippine casinos.

Recto said that there is a chance that $34 million can be retrieved if local authorities will zero in on the paper trail established during the Senate hearings.

Kim Wong admitted on Tuesday when he testified before the Senate Blue Ribbon Committee that only about $61 million found its way to Philippine casinos.

Wong said about $17 million is still with Philrem Corp., the remittance firm responsible for transferring the stolen money from the Rizal Commercial Banking Corporation to different accounts and individuals.

Recto said Wong also told the senators that he is ready to surrender to Philippine authorities the entire P450 million or about $10 million that his firm, Eastern Hawaii Leisure Co. Ltd., received from the loot.

Aside from the $17 million allegedly with Philrem and the $10 million with Wong, Recto noted that almost $7 million of the stolen money had been traced and may be recovered from the casinos.

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3 Comments

  1. Sino uutuin nyo…..this was a very well crafted plan to steal $1 billion from Bangladesh…. it was conceived as far as a year ago and thoroughly studied…. identifying both the Philippines and Bangladesh with the worst laws covering financial institutions… they even identified a very friendly receiving bank (RCBC) to electronically transport the dirty money and cover their track by using philrem as distribution center to break up the loot in smaller amounts for transfer to the casinos involved…. if we are going to analyze the pattern ..congress under the majority LP initiative did not include the casinos (Purposely) for the AMLC to monitor. (this is phase 1)…the paid hackers requested transmittal of some $20m to a bank in Bangladesh (possibly this is just a smokescreen to avoid being detected for a much higher amount going to manila) and $81m to RCBC in manila (why RCBC of all banks in the Philippines and more importantly in its Jupiter branch??) the answer is— just like in a transfer to be consummated and completed, there should be an issuer and a receiver. So this js now phase 2 (getting an insider to do the dirty job, by creating/opening fictitious accounts within the bank branch with blessings from higher ups and a guarantee of a safety net in the event they are caught)—Tokyo trip (huli..try other tactics ) then appearing in the senate hearing to muddle up the issue by pointing fingers to everybody but herself in the presence of the masterminds themselves who are now asking the wrong questions to hoodwink the diligent followers of this case. This is I think phase 3. so after 3 days of hearings, we are still at a loss and no one is in jail. The old ploy of medically unfit to attend the hearing is now at it again so the main actor can buy some time to disappear. When the trail led us to the casinos, the operator mentioned 2 Chinese nationals who supposedly owned the dirty money. But the sad part nobody seemed to know or have established the identities of these scums..so the circus now goes back to the initial investigation then goes to the same process in a loop until we becomes tired of following or something of a big news comes out and replace it on the headlines…. ha..ha..ha..what an ingenious scheme…. and to think that the perpetrators are those sitting in congress ….right on time to extravagantly conduct a high level of vote-buying spending sprees and COMELEC Garci-type cheating……. it’s fun in the Philippines…. and only in the Philippines……

  2. Wishful-thinking…..don’t give false hope senatong because these Chinese scums will never return what they’ve already gotten….they are even claiming islands that are not theirs….just proceed with your charades in congress but don’t expect any votes from us….

  3. If $34 million is recovered, $47 million should be paid by RCBC as a penalty for not reporting suspicious transactions in vilolation of the AMLAC.