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Manila court clears 'execution suit' to send back $15.25m

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Manila court clears 'execution suit' to send back $15.25m

Thereport24.com Desk:

A Manila court has cleared the 'execution suit' outlining the procedures for sending back $15.25 million of Bangladesh Bank's reserve heist money from the Philippines.

"The 'execution suit' has outlined the whole procedure for sending back the money from Manila," Bangladesh Bank deputy governor Abu Hena Mohammad Razee Hassan told BSS today.

"We are expecting that the whole process will be completed very soon and the money will be sent back as early as possible," he added.

According to BB, the recovered amount is now at the Philippines central bank vault.

"A Manila court declared Bangladesh as the rightful owner of the funds, totalling $15.25 million," a report from the Philippines capital said earlier quoting chief state counsel of the Philippines' Department of Justice Ricardo Paras III as saying.

After the return of the money from Manila, the total recovered amount will stand at $35.25 million as BB was able to bring back $20 million earlier from Sri Lanka.

Unknown hackers stole a total of $101 million from Bangladesh's account at the New York Fed on February 4 this year. They were able to transfer $81 million to four accounts at Rizal Commercial Banking Corp in Manila and another $20 million to a bank in Sri Lanka. But the transfer of $20 million to Sri Lanka was failed because of a spelling error by the hackers.

Ends/thereport24.com/HB/Oct 29, 2016