Nepal bank latest victim in heists targeting SWIFT system

KATHMANDU - A bank in Nepal is the latest victim in a string of cyber heists targeting the global SWIFT bank messaging system, though most of the stolen funds have been recovered, 2 officials involved in the investigation confirmed on Tuesday.

Hackers last month made about $4.4 million in fraudulent transfers from Kathmandu-based NIC Asia Bank to countries including Britain, China, Japan, Singapore and the United States when the bank was closed for annual festival holidays, according to Nepal media reports.

All but $580,000 of the funds were recovered after Nepal asked other nations to block release of the stolen money, Chinta Mani Shivakoti, deputy governor of the Central Nepal Rastra Bank (NRB), told Reuters.

Brussels-based SWIFT said last month that security controls instituted after last year's $81 million theft from Bangladesh's central bank helped thwart some recent hacking attempts, but it warned that cyber criminals continue to target SWIFT customers.

SWIFT or the Society for Worldwide Interbank Financial Telecommunication is a co-operative owned by its user banks. It declined to comment on the NIC Asia Bank hack, saying it does not discuss specific users.

Representatives with NIC Asia Bank, one of dozens of private banks in Nepal, were not available for comment.

The chief of Nepal's Central Investigation Bureau, Pushkar Karki, confirmed to Reuters that his agency was investigating the theft.

KPMG is also involved in the investigation, according to Nepali media reports. KPMG representatives could not immediately be reached for comment.

The central bank intends to release guidelines on how to thwart such incidents after investigations are completed, according to Shivakoti.

"The incident showed there are some weaknesses with the IT department of the bank," Shivakoti said.

SWIFT said in a statement on Tuesday that it offers assistance to banks when it learns of potential fraud cases, then shares relevant information with other clients on an anonymous basis.

"This preserves confidentiality, whilst assisting other SWIFT users to take appropriate measures to protect themselves," it said.

"We have no indication that our network and core messaging services have been compromised," SWIFT added.

source: news.abs-cbn.com

BIR goes after Ensogo, CashCashPinoy

MANILA – The Bureau of Internal Revenue (BIR) has filed separate criminal complaints against the operators of online shopping sites Ensogo and CashCashPinoy for alleged failure to pay the correct taxes.

The BIR said charges were filed against Ensogo Inc., its president Krit Srivorakul and treasurer Xelynne de Lara for willful failure to remit taxes and deliberate failure to pay taxes from October 31, 2011 to October 31, 2014 amounting to P36.1 million, inclusive of surcharge, interest, and compromise penalty.

Ensogo provides marketing services to its merchants, which are engaged in the leisure, catering and entertainment industries.

It serves as a withholding agent mandated to withhold taxes on various income payments to its suppliers and to withhold taxes on the compensation of its employees, and an Electronic Filing and Payment System (eFPS) taxpayer.

However, BIR said investigators discovered that while Ensogo electronically filed its withholding tax and value-added tax (VAT) returns, it “deliberately, willfully, and continuously failed” to remit taxes withheld and/or pay the corresponding withholding taxes and VAT due thereon, whether electronically or manually resulting to considerable revenue losses for the government.

The Ensogo website sells a selection of products, services and travel offers at discount prices to customers in the Philippines, Hong Kong, Indonesia, Malaysia, Singapore and Thailand.

Ensogo, on the other hand, was founded in 2010 and has a registered office at the Bonifacio Global City.

CashCashPinoy says it is paying taxes

Charges were also filed against Moonline Inc., which is engaged in the sale of products and services through the deals website CashCashPinoy, its president Frederic Elie Levy and treasurer Bernadette Levy for willful attempt to evade or defeat tax, and deliberate failure to supply correct and accurate information in its income tax returns (ITR) for taxable years 2011, 2012 and 2013.

The case against Moonline Inc. stemmed from the BIR's campaign to improve revenue collections to meet its collection target by capturing into the tax net the sale of products and services through online websites.

The BIR said that based on its investigation, Moonline underdeclared its correct taxable income by 23 percent or P9.31 million in 2011, by 240 percent or P111.09 million in 2012, and by 181 percent or P129.88 million in 2013.

Moonline was also sued for an aggregate income tax liability amounting to P132.51 million, inclusive of surcharges and interests.

In a statement, Moonline denied the allegations, saying it has paid the proper taxes.

"Our company has always paid the proper taxes as any law abiding business in the Philippines should. In addition to this, Since 2011, Moonline is audited every year by the firm KPMG. We have not been officially notified of any complaints against us for alleged failure to pay the correct taxes. Should there be additional requirements from the Bureau of Internal Revenue, we are ready to comply with them," the company said.

Moonline’s CashCashPinoy was founded in 2011 and holds its offices in Paseo De Roxas, Makati City.

source: www.abs-cbnnews.com

PSE to woo Japanese investors

MANILA, Philippines - The Philippine Stock Exchange (PSE) is seeking to woo Japanese businessmen, as it holds a seminar in Tokyo on Wednesday (January 21).

The PSE is holding the Philippine Business Environment Seminar, together with Takara Printing, The International Friendship Exchange Council, KPMG Japan, KPMG Philippines, and Mori Hamada & Matsumoto Law Office.

The seminar will give executives from some 150 Japanese companies an overview of the Philippine economy and business sector, as well as its outlook. Also to be discussed are the listing structure and rules of the exchange to encourage Japanese firms with Philippine subsidiaries to list at the PSE.

"Quite a number of Japanese companies have offices and facilities in the Philippines and we would like to apprise them of the developments in our capital markets as well as urge them to tap the Exchange for funding requirements,” PSE President and CEO Hans B. Sicat said in a statement.

The PSE is also hosting a Philippine Corporate Day on January 22 and 23, in partnership with DBP-Daiwa Capital Markets Philippines, Inc.

The roadshow will highlight the performance and prospects of the Philippine stock market and some of its listed firms.

Listed companies that will take part in the Corporate Day are Alliance Global Group, Inc., Ayala Corporation, Ayala Land, Inc., BDO Unibank, Inc., Energy Development Corporation, JG Summit Holdings, Inc., Metro Pacific Investments Corporation, The Philippine Stock Exchange, Inc., Petron Corporation, Robinsons Land Corporation, San Miguel Corporation, and Universal Robina Corporation. The representatives of the participating listed companies will meet with 25 investment firms in Japan.

"This is the third year that we are holding a roadshow in Japan with DBP-Daiwa. We hope that by personally meeting with fund managers, the PSE and the listed companies can encourage them to invest or further increase their exposure in our market," Sicat said.

source: www.abs-cbnnews.com