Apr
12
Rizal Bank Would Consider Repaying Part of Missing Heist Funds
By-
Senator says $50 million of funds appears unrecoverable
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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
