MANILA, Philippines – Bangladesh Bank will file an appeal after the Federal Court of New York dismissed the case it filed against Yuchengco-led Rizal Commercial Banking Corporation (RCBC) over the $81-million cyber heist 4 years ago.

In a disclosure to the Philippine Stock Exchange on Wednesday, April 22, RCBC noted Bangladesh Bank’s plan to appeal the ruling.

The court in the United States had granted RCBC’s motion to dismiss the case last March 20.

Bangladesh Bank on January 31, 2019, filed a complaint in the Southern District of New York against RCBC and a set of its employees for a “‘massive’ and ‘intricately planned’ multi-year conspiracy to steal its money.”

“The case filed by Bangladesh Bank was dismissed for failure to state a federal racketeering claim. The court also declined to exercise jurisdiction over all other state law claims of Bangladesh Bank,” RCBC said.

RCBC filed a separate defamation case against Bangladesh Bank in March 2019, saying that the central bank’s “political stunts” and “vicious and public” attacks harmed RCBC’s reputation.

In February 2016, unidentified hackers stole $81 million from the Bangladesh central bank’s account with the US Federal Reserve in New York. Of the amount, only $17 million has been recovered. 

The money was transferred to a Manila branch of RCBC, then swiftly withdrawn and laundered through local casinos. (READ: RCBC money-laundering scam mirrors sins of the past)

The Philippines in 2016 imposed a record $21-million fine on RCBC after investigating its role in the audacious cyber heist. – Rappler.com