March 21, 2023

RCBC appeals NY court ruling

Rizal Commercial Banking Corp. (RCBC) has appealed the New York Supreme Court’s decision denying a motion to dismiss a case filed by the Bank of Bangladesh over a cyber heist in 2016.

The US court released a decision last January 14 ruling in favor of the Bangladesh central bank and confirmed its jurisdiction over RCBC and the individual defendants in the case, which was filed in May 2020.

In a stock exchange filing on Friday, the bank said that it has filed its notice of appeal before the Supreme Court of the State of New York.

The filing describes that the complaint in the US court was for “conversion/ theft/ misappropriation; aiding and abetting the same; conspiracy to commit the same; fraud (against RCBC); aiding and abetting and conspiracy to commit fraud; conspiracy to commit trespass against chattels; unjust enrichment; and return of money received.”

The previous ruling only affirms the NY court’s jurisdiction over the case. The ruling is not a judgment on the merits of the case and does not establish RCBC’s or any of the individual defendants’ guilt, the bank emphasized in its previous filing.