Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Logo
Thursday, February 21, 2019 12:31:15 AM
Follow Us On: Facebook Twitter Twitter Twitter Twitter

Phillipines heist

By
11th-Feb-2018       
Comments
Share your thought
Post a comment »
Read all () »

BANGLADESH'S central bank will file a lawsuit in New York against a Philippine bank over the world's largest cyber heist, as said by our Finance Minister on Wednesday. Unidentified hackers stole $81 million in February 2016 from the Bangladesh central bank's account with the US Federal Reserve in New York. The money was transferred to a Manila branch of the Rizal Commercial Banking Corp (RCBC), then quickly withdrawn and laundered through local casinos.

With only a small amount of the stolen money recovered and frustration growing in Dhaka,  Finance Minister A.M.A Muhith said last year he wanted to "wipe out" RCBC. On Wednesday he said Bangladesh Bank lawyers were discussing the case in New York and may file a joint lawsuit against the RCBC with the US Federal Reserve. The Deputy Governor of Bangladesh Bank Razee Hassan told AFP the case would be filed in April.

The Philippines in 2016 imposed a record $21 million fine on RCBC after investigating its role in the audacious cyber heist. Philippine authorities have also filed money-laundering charges against the RCBC branch manager. The bank has rejected the allegations and last year accused Bangladesh's central bank of a "massive cover-up".

The hackers bombarded the US Federal Reserve with dozens of transfer requests, attempting to steal a further $850 million. But the bank's security systems and typing errors in some requests prevented the full theft. The hack took place on a Friday, when Bangladesh Bank is closed. The Federal Reserve Bank in New York is closed on Saturday and Sunday, slowing the response.

Under tort law  "imputed liability" occurs when there is an attachment of responsibility to a person for harm or damages caused by another person in either a negligence lawsuit or criminal prosecution. Thus, an employer of an employee who injures someone through negligence while in the scope of employment (doing work for the employer) is vicariously liable for damages to the injured person. Under the law then, both the employees of Bangladesh Bank and Rizal Banking Corp can equally be brought under criminal persecution.

Instead of spending further millions to get back our monies our government could easily manage an agreement with the Philippines government to get back the amounts we have lost. The Philippines government has already fined Rizal Bank USD 21 million --which we could get back through negotiations. The fact that we have been unable to do so represents our total failure to come to an agreement with the Philippines government. Instead of opening lawsuits Bangladesh Bank should be looking at a rapprochement with the Philippines government to get back what is ours. Fighting long and costly legal battles which could potentially stretch over years is not the way to go.

Tariff
Add Rate

News Archive

Inside The New Nation

Cricket »

BD lose to NZ in third ODI


Sports Reporter :Despite Sabbir Rahman's century Bangladesh lost to New Zealand by 88 runs in the third and last One Day International (ODI) match at Dunedin in New Zealand on Wednesday. New Zealand clinched the ODI series 3-0.Sabbir hit a marvelous 102. His 110-ball innings was laced with 12 fours ...

Editorial »

True spirit of Ekushey must be reflected everywhere


THE nation solemnly remembers the supreme sacrifice of the valiant souls who laid down their lives to establish the right of our mother tongue Bangla as the state language of Pakistan on this day in 1952. As the pioneering movement that led to our ultimate independence, Ekushey invokes the emotional ...

International »

Palestinian President rejects tax money from Israel


Reuters, Ramallah, West Bank :The Palestinian Authority (PA) will no longer accept tax revenues collected on its behalf by Israel following its decision to trim the sum over the PA's financial support of militants' families, Palestinian President Mahmoud Abbas said.The cash-strapped Palestinian Authority, an interim self-government body set up following ...

City »

President of Bangladesh Diploma Student Nurses Union Sadia Akhter speaking at a press conference in DRU auditorium on Wednesday demanding Prime Minister Sheikh Hasina's intervention in resisting conspiracy to ruin nursing education.


.

Entertainment »

Strong and confident female characters attract Kriti Sanon


Actress Kriti Sanon is all set for a superb 2019 with Luka Chuppi, Arjun Patiala, Housefull 4 and Panipat. The characters the actress is essaying are strong-minded and confident as she is drawn towards such empowered characters. Kriti’s role in Bareilly Ki Barfi as Bitti was that of an independent ...

Editorial »

Prevent gas cylinder and pipeline explosions


GAS explosion has become very common in the country nowadays. Even if someone escapes death, the victim has to suffer burn injury or loss of valuable organs. The authorities concerned still did not take any effective step to control such incidents. In the latest incident, seven people including a couple ...

Entertainment »

Malaika Arora opens up about her divorce with Arbaaz Khan


Malaika Arora, who is recently making headlines for her relationship with Arjun Kapoor and the couples social PDA, recently opened up about her divorce with Arbaaz Khan on a radio show. Talking about her divorce she revealed that it was a mutual decision to part ways so that they could ...

City »

BNP Standing Committee Member Dr. Khondkar Mosharraf Hossain, among others, at a discussion organised by Bangladesh Jatiyatabadi Muktijoddha Dal at the Jatiya Press Club on Tuesday demanding release of BNP Chief Begum Khaleda Zia.


.

International »

Pakistan PM urges talks on Kashmir blast, warns India against attack


Reuters, Islamabad :Prime Minister Imran Khan said on Tuesday Pakistan was ready to cooperate with India in its investigation of a deadly bombing in the disputed Kashmir region last week, which India blamed on Pakistan, but warned of retaliation if attacked.Tension between the nuclear-armed neighbors has risen sharply over the ...

Sports »

Al Amin Zumar and Mukhtar Hossain of Daffodil International University receiving the championship trophy of the Inter-University Badminton Tournament and a cheque of Taka 15,000 from Dr Mohammed Farashuddin, Chairman, Board of Trustees of East West University, at the playground of East West University in the city on Monday.


.

Editorial »

Not memorization, students need analytical involvement


ABOUT one lakh students have applied to the Directorate of Primary Education (DPE) of the Primary and Mass Education Ministry for reexamination of their results, claiming that justice will be established if the authorities work properly. Some of students who failed in the examination alleged that they did not get ...

International »

`Crime may have been committed` by Trump: Ex-FBI official


AP, Washington :Former FBI Deputy Director Andrew McCabe said in an interview that aired Sunday that a "crime may have been committed" when President Donald Trump fired the head of the FBI and tried to publicly undermine an investigation into his campaign's ties to Russia. McCabe also said in the ...

Entertainment »

Moury Salim prefers challenging roles


Sheikh Arif Bulbon :Actress of present generation Moury Salim has been engaged with acting for many days. Though she has been busy with acting for long time but could not get the opportunity to work in challenging roles properly or the directors did not utilise her acting quality appropriately. On ...

Cricket »

Girona beat Real Madrid


BBC Online :Real Madrid missed the chance to go second in La Liga as Girona came from behind to record a surprise away win on Sunday.Casemiro powerfully headed in from Toni Kroos' deep cross from the right wing to give the hosts a first-half lead.Cristhian Stuani's penalty made it 1-1 ...

City »

Director General of Bangladesh Agricultural Research Institute Dr. Abul Kalam Azad speaking at the inaugural ceremony of a training programme on 'Marker Assisted Selection' at its seminar room in Gazipur on Monday.


.

 
Items that you save may be read at any time on your computer, iPad, iPhone or Android devices.
 
Are you new to our website? Do you have already an account at our website?
Create An Account Log in here
Email this news to a friend or like someone
Email:
Write a comment to this news