Apr
12

Rizal Bank Would Consider Repaying Part of Missing Heist Funds

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  • Senator says $50 million of funds appears unrecoverable
  • Bank lawyer says Bangladesh stop-payment orders `confusing’

Rizal Commercial Banking Corp., the Philippine lender implicated in the theft of $81 million of Bangladeshi foreign reserves, would consider repaying part of any funds that can’t be recovered, its president said.

“If we’re found liable, I would recommend to the board to set aside a certain sum,” President Lorenzo Tan told a five-hour Senate hearing in Manila on Tuesday. He was replying to a query from Senator Ralph Recto, who said the bank’s board might want to consider shouldering about $50 million that appeared to be unrecoverable…

Rizal Bank Would Consider Repaying Part of Missing Heist Funds

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