Osmeña: Missing $17 M with Philrem

MANILA, Philippines – Senators have located the missing $17 million of the $81 million stolen by cyber hackers from the Bangladesh central bank and remitted to four bogus accounts in Rizal Commercial Banking Corp. (RCBC).

“I have discovered that the missing funds are with Philrem,” Sen. Serge Osmeña III told the Pandesal Forum at the Kamuning Bakery Café in Quezon City.

Asked what is the basis for his conclusion, he said, “I have many sources of information. I will tell you later. Let us get the money back first.”

Philrem is the remittance company that converted the $81 million into pesos and remitted or delivered the money to its beneficiaries.

Its owners, Salud and Michael Bautista, have denied that they are keeping any part of the $81 million. They have offered to return the P10.4 million they earned for their conversion and delivery service.

From the four bogus accounts in RCBC-Jupiter Street, Makati branch, the stolen Bangladeshi funds were transferred to the account of businessman William Go in the same branch, then to Philrem.

Go has denied opening an account at the RCBC Jupiter Street branch.

Osmeña, vice chairman of the Senate Blue Ribbon committee that is investigating the money laundering scandal, said he is confident that they would recover “between $30 million and $34 million of the stolen $81 million.”

He said casino junket operator Kim Wong has committed to return about $15 million.

Wong has returned P200 million, $4.6 million and P38 million. He has promised to turn over an additional P250 million.

Wong’s Eastern Hawaii Leisure Co. had received $21 million (about P1 billion) of the $81 million.

Wong said he did not know the money came from an illegal source.

RCBC has promised to return the funds if found liable in the money laundering controversy.

Asked whether the scandal would affect RCBC, Osmeña said, “No. They are so big and stable that I don’t think they would be adversely affected.”

“The ones who are affected are our overseas workers and Filipinos living abroad who send money to their families here,” he said.

He said at least four Philippine banks have closed their remittance centers in Italy due to stricter scrutiny of remittances resulting from the controversy.