PH senate ends probe with $66m still at large [ Tritiyo Matra News ]

PH senate ends probe with $66m still at large

Local May 20, 2016

The senate blue ribbon committee of Philippine on Thursday terminated its three-month long investigation into the theft of $81m Bangladesh central bank’s money with $66 million of the amount yet to be recovered and a large chunk still untraced.
On February 5, $81 million was stolen from Bangladesh Bank’s reserve with the New York Federal Reserve as unidentified hackers broke
through the computer of the employees of BB.
According to Philippine’s Anti-Money Laundering Council executive director Julia Bacay-Abad the government so far recovered $15 million of the stolen money from businessman Kim Wong, owner of Eastern Hawaii Leisure Company.
She, however, said it will take another three to six months to return the money back to Bangladesh.
She also said that another $28 million was transferred to Solaire Resort and Casino Manila and there’s still the missing $17 million, which is reportedly with the remittance company Philrem Service Corp.
‘So far your honour, we’re still looking for the remaining $21 million,’ she said, responding to queries of Senator Bam Aquino during the hearing.
Asked if the missing $21 million probably went to casinos also, the AMLC official said, ‘supposedly your honour or I think part of this was supposedly given to a certain Weikang Xu.’
Xu, a Chinese businessman, was allegedly involved with the money heist, however, he escaped to China and never appeared before the committee despite several notices.
‘So $15 million was turned over by Mr Kim Wong, that’s all, right? Is there any remaining balance with you?’ Aquino asked Wong, who was also in the hearing.
‘No more. It’s with Philrem,’ Wong answered.
The president of Philrem Salud Bautista, who was frequently criticised throughout the hearing for inconsistent statements, also did not appear before the hearing on Thursday.
Bautista in letter to the committee also said that Philrem should be excused from the ongoing investigation citing the government case against it as a reason, as well as their scheduled ‘summer holiday commitment’ with their children.
Bangladesh Ambassador to the Philippines John Gomes said it would be tantamount to a slap on his face if he fails to bring back to his country the money that has already been surrendered to AMLC.
‘It would be wrong to now say that there is an obstacle in getting that money back to Bangladesh. We have been told from the very beginning that this money will be soon transmitted to Bangladesh through forfeiture of cases,’ he said during Thursday’s hearing.
Since Bangladesh is the only claimant to the money, the ambassador said the court could immediately decide in favour of its return to his country.
‘So it’s my request whatever commitment given to us, whatever papers we signed for the receipt of money, whatever Kim Wong told he would return the money to Bangladesh because its Bangladesh money so it’s our request that this should be followed through,’ he said.
When asked about the matter, Gomes told New Age over phone that he will raise the matter with Senator Sergio Osmeña.
‘I have a meeting with him on Sunday next and we will talk about it. There is no reason for AMLC to take that long a time to return the money. It is taking way too much time,’ he said.
He also said that the rest of the money which was transacted in cash were traceable and would likely be recovered.
Meanwhile, senator Guingona and senator Osmena, who was aggressively leading the probe, lost their seats in last week’s national elections.
A Bangladeshi central bank official’s computer was used by unidentified hackers to make payments via SWIFT, and carry out one of the biggest-ever cyber heists, Gomes informed the committee during Thursday’s hearing.
Gomes said the hackers were neither in the Philippines nor in Bangladesh, but he had no other information.
‘One of our bank officials who is in the group that makes payments, that passes the payment instructions, his computer was hacked,’ he said.