RCBC apologizes for staff's role in $81-M heist

MANILA - Rizal Commercial Banking Corporation (RCBC) has issued an apology to the public after its employees were linked to the $81-million money laundering heist.

In an advertisement printed on selected broadsheets on Wednesday, the bank said it will cooperate with the investigations of the Senate and the Anti-Money Laundering Council (AMLC).
    
“RCBC offers its sincerest apologies for the involvement of its personnel in the money laundering scheme now subject of Senate Blue Ribbon and AMLC investigations. Within legal bounds, RCBC will cooperate with these and any subsequent government proceedings,” the bank said.

It added that it is conducting its own inquiry to identify and address any weaknesses in its controls and operations, and it will take appropriate actions against any bank officer or staff found guilty of negligence.

“RCBC recognizes the evils wrought by money laundering and will do its utmost in the fight against it,” RCBC said.

On Tuesday, the bank said it had fired the manager of its Jupiter branch, Maia Deguito, and her assistant, Angela Torres, over their alleged involvement in the money laundering scam.

It added that it will file charges against Deguito and Torres next week.

Deguito's camp earlier accused RCBC of covering up the role of some of its officials in the scandal.

Her legal counsel, Atty. Ferdinand Topacio, said RCBC is pinning her client as a "scapegoat" in the transfer of stolen money from a Bangladesh central bank account into four RCBC accounts.

source: www.abs-cbnnews.com

Key figure in money-laundering case can't attend Senate probe

MANILA - Kam Sin Wong, also known as Kim Wong, will not be able to attend the Senate hearing on the $81-million money laundering case involving Rizal Commercial Banking Corporation (RCBC), his lawyer said Monday.

In a letter sent to the Senate Blue Ribbon Committee, Victor Fernandez, Wong's counsel, said the latter is currently out of the country for medical treatment.

Fernandez said Wong left the country March 4, 2016, supposedly before the "instant controversy" broke out.

(The Philippine Daily Inquirer first reported about an alleged $100-million money-laundering on February 29, 2016, and it was reported on March 3 that the the Anti-Money Laundering Council (AMLC) had frozen the suspected accounts used in the transaction. Wong left the following day. -- Ed's note.)

He likewise asked the Senate to keep his client's medical records private, assuring them that Wong will cooperate once he is done with his medical treatment.

In an exclusive interview with ABS-CBN News, RCBC Jupiter branch manager Maia Santos Deguito said Wong, who owns one of six bank accounts allegedly used in moving millions of dollars stolen by unknown hackers from the Bank of Bangladesh and laundered in casinos in Parañaque City, is a friend of RCBC president and CEO Lorenzo Tan.

Deguito said Kim Wong referred to her four persons who opened on May 2015 the other bank accounts linked to the scam: Michael Francisco Cruz, Jessie Christopher Lagrosas, Alfred Santos Vergara and Enrico Teodoro Vasquez.

Manager tags RCBC president's 'friend' in laundering scandal

Tan and Deguito are expected to attend the hearing of the Senate blue ribbon committee and the congressional oversight committee about the controversy on Tuesday afternoon.

source: www.abs-cbnnews.com

RCBC to issue up to $500-M in senior notes

MANILA - Philippine lender Rizal Commercial Banking Corp. (RCBC) said on Monday it would issue up to $500 million worth of senior notes out of a medium-term note program and launch an exchange of its 2015 and 2017 notes for other bonds.

The bank said the issuance, approved by its board of directors, will depend on "favorable market conditions and other considerations".

The bond exchange will involve the bank's existing $250 million in senior notes due 2015 and $275 million in senior notes due 2017.

The bank did not give any other details on the notes issue or the bond exchange.

In September, Taiwan's Cathay Financial Holding Co Ltd acquired a fifth of RCBC for about $400 million. The bank scrapped a $100 million stock rights offer following Cathay's entry as an investor.

source: www.abs-cbnnews.com