At a hearing led by the Senate Blue Ribbon Committtee, Tan first admitted that RCBC's market value has fallen after four local banks in their Jupiter branch received the stolen money last February 5.
Senator Ralph Recto suggested that RCBC's market position could be improved if it pledges to return some $50 million out of the total funds.
"Assuming that the RCBC gives this to the Bank of Bangladesh, your P5 billion profit minus P2.2 billion ($50 million), kita pa rin kayo ng P3 billion," Recto said.
"Maybe your market price will improve to what it used to be and you would gain from that anyway. Maybe your stock price will hit whatever value and you make the protocol corrections."
In reply, Tan conceded that, "Our business is an actuarial business... We either lose money on bad loans, bad trades or operational losses like this one."
He added that on the average, RCBS provisions P1 billion to P2 billion every year on losses from bad transactions like those involving the Bangladesh funds.
Given this, he promised: "If we're found liable, I would recommed to the board to set aside a certain amount of money."
- ABS-CBN News Channel, 12 April 2015
source: www.abs-cbnnews.com
