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Rizal Commercial Banking sues Bangladesh Bank in relation to US$81M cyberheist

Rizal Commercial Banking Corp., or RCBC, filed a defamation suit against Bangladesh Bank for what the Manila-based lender said are baseless allegations regarding its involvement in a US$81 million cyber theft in 2016, The Philippine Star reported March 13.

RCBC refuted Bangladesh Bank's allegations that it played a premeditated role in the cyber heist, which siphoned US$81 million from the central bank's accounts with the U.S. Federal Reserve in New York to a branch of RCBC in the Philippines. It also cited Bangladesh's failures to secure its network and disclose those failings on a timely basis.

The case was filed with the Regional Trial Court in Makati City in the Philippines on March 6. RCBC confirmed the lawsuit in a March 13 stock exchange filing.

In February, Bangladesh Bank sued RCBC over its alleged involvement in the case. The central bank alleged that the funds were stolen with the help of North Korean hackers and then channeled via RCBC's accounts in New York and to the Philippines.

As of March 12, US$1 was equivalent to 52.96 Philippine pesos.