RCBC's Lorenzo Tan seeks executive session in money laundering probe

Rizal Commercial Banking Corp. on Tuesday declined to divulge before an open hearing at the Senate its controls and procedures in connection with the $81 million stolen from the Bangladesh Bank.

RCBC president Lorenzo Tan asked for an executive session so he and his representatives could speak freely about the matter.

Bangladesh's stolen funds were transmitted online to four private accounts at the RCBC branch on Jupiter Street, Makati last month before it was laundered in casinos.

"We would be willing to discuss with you our procedures with you but if possible in an executive session because there are so many security measures that we will be discussing and it would be difficult to discuss without compromising the security of our bank," said lawyer Macel Fernandez-Estavillo, head of the RCBC's Legal and Regulatory Affairs Group.

Estavillo also declined to discuss details about the accounts, which served as initial storing ground for the laundered money, saying she is prevented by the bank secrecy law to do so.

Senator Sergio Osmeña III, however, said RCBC can speak about the accounts since the account holders were found to be non-existent.

Estavillo, citing an advice from the bank's external counsel, replied the confidentiality clause of the law covers the deposit itself. – VDS, GMA News