The case filed by Bangladesh Bank against Rizal Commercial Bank (RCBC) of the Philippines in the case of theft of reserve money will continue, the New York court said. On Saturday (March 2), Philippine media Enquirer.net reported the news.
The judges of the Supreme Court of the State of New York believe that there is substance in this case. They gave the verdict on Thursday local time.
The New York court said other charges against RCBC and other defendants could continue. Eg: Returning the money that went to RCBC.
The New York State Supreme Court ruled that the three ’causes of action’ had no legal basis. These are – aiding or abetting acts of money laundering, theft, embezzlement, fraud against RCBC and aiding or abetting fraud against RCBC Bank and all defendants. As a result, the court dismissed these complaints.
Besides, the court has dismissed four more defendants from the case due to lack of personal jurisdiction. They are Ismael Reyes, Brigitte Capina, Romualdo Agarado and Nestor Pineda.
RCBC said that it is considering whether to appeal against this decision of the court or not.
Bangladesh Bank filed a case against 19 individuals and organizations in the US court on May 27, 2020 in the case of theft of reserve money.
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