RCBC to return part of illicit funds if...

Rizal Commercial Banking Corporation's (RCBC) president on Tuesday promised to convince the bank's board of directors to return some of the $81 million stolen from Bangladesh Bank.

"If we're found liable, I would recommend to the board to set aside a certain amount of money," RCBC president-on-leave Lorenzo Tan said at the Senate blue ribbon committee hearing.

Before making such promise, Senator Ralph Recto said RCBC's market standing could be improved if it would return, for instance, roughly $50 million or P2.2 billion to Bangladesh.

"If we try about $80 million and $30 million masasauli – assuming lang, natira $50 million at roughly P2.2 billion – assuming that the RCBC gives this to the Bank of Bangladesh, your P5 billion profit minus P2.2 billion, kita pa rin kayo ng P3 billion?" Recto said.

"And then maybe your market price will improve back to what it used to be and you would gain from that anyway, and maybe your stock price will hit whatever value, and you make the protocol corrections, and maybe you can gain P90 billion more again," he added.

Tan admitted that the bank's stock price took a hit due to allegations that RCBC received and transferred stolen funds, which were then laundered in casinos.

Tan himself was implicated in the scandal as Maia Santos-Deguito, former RCBC-Jupiter branch manager, insinuated that he had a hand in the scheme.

Deguito claimed that casino junket operator Kam Sin 'Kim" Wong referred all the accounts whose holders were found to be fictitious to receive the $81 million before the funds were consolidated into the account of businessman William Go, and laundered in casinos.

As a close friend of Tan, Wong was a valued client of the bank, Deguito alleged.

Tan admitted meeting Wong in 2002, but claimed that he has not met the businessman in more than 10 years. – VDS, GMA News