RCBC calls Bangladesh Bank case ‘baseless’

The Yuchengco-controlled Rizal Commercial Banking Corp. (RCBC) has called the legal complaint filed against it by Bangladesh Bank as just a public relations (PR) and political stunt since it is “completely baseless.”

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RCBC has been facing the threat of legal suits from Bangladesh Bank over the $81-million bank heist for years. In reaction to reports of the formal complaint against the bank, RCBC while not officially notified, it said, of the lawsuit, has already tapped the legal services of Quinn Emanuel law firm based in New York for its defense.

“This is nothing more than a thinly veiled PR campaign disguised as a lawsuit,” according to lead attorney Tai-Heng Cheng.

“Based on what we have heard this suit is completely baseless. If the Bangladesh Bank was serious about recovering the money, they would have pursued their claims three years ago and not wait until days before the statute of limitations,” said Tai-Heng Cheng.

“Not only are the allegations false, they don’t have the right to file here since none of the defendants are in the US,” he added. “We will show that this suit is nothing more than a political stunt by the Bangladesh Bank to try to shift blame from themselves to RCBC.”

The RCBC lawyer said that based on their review of events and facts, they could point out several “errors, omissions, and lapses in security protocols” by Bangladesh Bank. These are the root causes of why it was hit by cyber criminals.

“We believe it is telling that they have concealed information from their own investigation and despite admitting their own culpability, continue to try to blame others. RCBC had nothing to do with the theft of the funds and has cooperated fully with every investigation into the matter,” said Tai-Heng Cheng.

“This suit is nothing more than a blatant attempt by Bangladesh Bank to shift blame and cover up their own liability,” he added.

In 2016, hackers stole Bangladesh Bank money in the US Federal Reserve and funneled $81 million of bank cash to RCBC. (LCC)