Bangladesh seeks gov’t help anew in recovery of stolen funds

Bangladesh is appealing to the Duterte administration to help recover the remaining $66 million stolen by hackers from the Bangladesh Bank.

In an interview, Bangladesh Ambassador Asad Alam Siam said his government is not giving up hopes that the rest of the money could be recovered.

“We are waiting for the $66 million. This is in the legal process but the legal process is a long way. Authorities are saying the legal process is already ongoing,” he said.

Siam has been assured by officials from the Duterte administration that the money would be recovered and returned to the government of Bangladesh.

“So, we are really waiting. I have been meeting everyone,” Siam said.

He believes that if his government is unable to recover the money, it could affect the reputation of some institutions in the Philippines.

“We lost the money but many big institutions in this country will lose its reputation,” Siam said.

Around the same time last year, the Embassy of Bangladesh received a copy of an order from the Regional Trial Court that declared that Bangladesh Bank is the rightful owner of the $4.63 million and P488.28 million or approximately $15 million surrendered by junket operator Kim Wong.

However, Siam lamented the Department of Justice’s dismissal of the criminal complaint against the executives of remittance firm Philrem Service Corp. in the money laundering case.

The Anti-Money Laundering Council (AMLC) filed the complaint, but with the DOJ’s dismissal, only former Rizal Commercial Banking Corp. branch manager Maia SantosDeguito is the only identified accused in the money laundering case filed before the Makati City regional trial court.

The DOJ granted a motion for reconsideration filed by Philrem executives Salud Bautista, Michael Bautista and Anthony Pelejo last May and dismissed the charges filed by the AMLC against them.