RCBC execs mum why $81M withdrawn despite NY bank’s alert

RCBC bank executives refused to answer the Senate Blue Ribbon Committee why it allowed millions of dollars to be withdrawn from the the bank's branch on Jupiter Street even after the Federal Bank of New York already sent a stop-payment request in early February.

The committee is investigating the alleged hacking of the account of the Central Bank of Bangladesh that resulted in $81 million allegedly finding their way to RCBC and then being laundered in Philippine casinos.

Senator Teofisto Guingona, the chairman of the committee, told RCBC president Lorenzo Tan that the funds from New York came in on February 5 and on February 8, the Federal Bank of New York sent a stop-payment request.

"That was a holiday Chinese New year, it came 5 p.m. The next day, $81 million is still there in the accounts and on February 9 all the funds are withdrawn," Guingona said.

He said the bank responded to the request at 7:45 p.m. on February 9.

"Could you care to explain why the stop payment request was not honored?" Guingona asked.

"I'm sorry your honor, I can't confirm or deny this request but as general rule if there is freeze order in the account, the branch manager should comply. I precluded because of bank secrecy but as general order, this order will be sent to the bank," Tan said.

Guingona said that at least half of the funds would not have been released if RCBC complied immediately.

"I understand your frustration, maybe the AMLC would be in the better position to discuss the fact but again I am precluded to discuss the matter," Tan said.

RCBC lawyer Attorney Laurinda Rogero said that the bank was invoking the bank secrecy law as it relates to bank deposits in general.

"The determination of ownership as well as whether or not there is fraud has not yet established. Right now the Federal has denied there is hacking done," Rogero said.

Rogero said that if the funds were not hacked, the AMLA would not be in effect."

What we are talking about? You are talking that it has not been established that it has been hacked? Officials of Bangladesh are here, ninakaw ito so meron talagang krimen na nangyari. Ninakaw ito, foreign govt is asking for help," Guingona said.

"I really want to help but now the presumption of ownership of the funds is with the account holders," Rogero answered.

"The accounts are fake, what are you hiding?" Guingona said. —NB, GMA News