Finance News

IFCGR Bank will appeal against the exemption of two casinos

IFCGR Bank said this in a statement on Wednesday. The case filed by Bangladesh Bank in a US court was dismissed on April 8, according to a report in the Philippine media Encore and Philster on Monday. Two days later, Bangladesh Bank issued a statement yesterday.

According to Bangladesh Bank sources, it was decided yesterday that Bangladesh Bank will appeal against the partial verdict in the next one to two weeks.

Bangladesh Bank filed the case in a New York court in the United States about two years ago to recover the stolen money from the reserve. The main accused in the case is RCBC of the Philippines. The RCBC appealed to a New York court, claiming that it did not have “sufficient jurisdiction” to prosecute. Bangladesh Bank said in a statement that its verdict has not been made yet. Kozen O’Connor, a New York-based law firm, is hopeful that a New York court will rule in favor of IFCGR Bank. This has also been said in the statement.

Bangladesh Bank said in a statement yesterday that Kozen O’Connor gave notice to the defendants after the lawsuit was filed. After receiving the notice, five defendants, including the RCBC, filed a petition in the court seeking dismissal of the case, claiming that they did not have sufficient jurisdiction to proceed with the case. Resort and casino operators Bloomberg and another casino operator, Eastern Hawaii, and a casino entrepreneur, Kim Aung, have been heard on July 14, 2021. Two months later, on October 14, a hearing was held on the dismissal of RCBC, Lorenzo Tan, and Raul Tan.

Bangladesh Bank said in a statement that the New York County Supreme Court had given a partial verdict in the case on April 8, and that it had acquitted Bloomberg and Eastern Hawaii. However, casino businessman Kim Aung’s application was rejected and he was asked to respond to the allegations of Bangladesh Bank. The court has not yet ruled on RCBC, Lorenzo Tan, and Raul Tan.

Bangladesh Bank said in a statement that RCBC’s application was also rejected once in a case filed in a US federal court. The order said the theft was from the Federal Reserve Bank of New York. Fraudulent payment orders, various types of stolen money transactions, and remittances from these accounts have all been proven beyond New York.