BB to file case by January for stolen reserve

Mustafa yet to know whether NY Fed Reserve to be accused

Staff Correspondent | Published: 16:45, Jan 20,2019 | Updated: 00:10, Jan 21,2019


AHM Mustafa Kamal. -- New Age file photo

Finance minister AHM Mustafa Kamal said on Sunday that the Bangladesh Bank would sue Rizal Commercial Bank Corp of the Philippines by January for stolen reserve fund stolen as the deadline for the filing of the case would expire on February 3.
Talking to reporters after a meeting with Bangladesh Bank governor Fazle Kabir and financial institutions division secretary Asadul Islam at the ministry for three hours and a half, he, however, could not confirm if the US Federal Reverse would also made a party to the case.
The legal battle became imperative for the central bank following abortive diplomatic efforts with the Philippine government to recover the stolen fund since February 2016 after cyber thieves transferred $81 million from its account in Federal Reserve Bank of New York.
Manila returned $15 million following an order of a regional Philippine court in November 2016 while the rest $66 million was said to be laundered in casinos there.
On January 10, 2019, a Philippine court jailed former Rizal branch manager Maia Deguito in the stolen reserve cases filed nearly three years ago.
Officials said that Rizal was also fined by the Filipino authority heavily but the government in Bangladesh was yet to make the report of the probe by former central bank governor Farashuddin Ahmed public let alone hold the masterminds
Replying to a question whether the probe report would be made public, Mustafa Kamal said that they would consider such proposal if necessary
Replying to another question, he said that he did not know the amount demanded by consultants appointed by the central bank to run the legal battle in New York.

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