A Philippines court has dismissed a defamation case filed by the Rizal Commercial Banking Corp (RCBC) against the Bangladesh Bank.
Bangladesh Bank Executive Director and Spokesperson Md Serajul Islam confirmed to The Business Post on Thursday.
“Philippines court dismissed the defamation case against the BB on Jun 30, but Bangladesh Bank received the document on Wednesday,” said Serajul.
“The Philippines court dismissed the case saying it is out of the court’s jurisdiction to handle the case against Bangladesh Bank.”
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Of the total amount, $81 million was transferred to four accounts connected with RCBC in Manila of the Philippines while another $ 20 million to a bank in Sri Lanka.
The $81 million flowed through the Philippine financial system before disappearing in local casinos where they were used to buy gaming chips.
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The Bangladesh Bank filed a lawsuit in the US District Court in Manhattan in 2019, accusing RCBC of a massive conspiracy to steal its money.
Against this move, The RCBC later filed a defamation suit against the central bank of Bangladesh in a local court in the Philippines and demanded $1.9 million in compensation.
However, the Philippines court gave a verdict in favour of RCBC in 2021 and Bangladesh appealed for a review. Following the review petition, the Philippines court dismissed the defamation case on Jun 30.
