The New York Supreme Court has ordered arbitration of Bangladesh’s case against Filipino Rizal Commercial Banking Corp, or RCBC, and other defendants over the 2016 cyber robbery of the country’s central bank.
Bangladesh Bank spokesperson Mezbal Haq said after receiving the copy of the order that the court passed the order on January 13, dismissing the plea by RCBC and six others to dismiss the case.
The respondents have been given 20 working days for mediation, they have been ordered to report back within 2 February.
Mazbol said the American law firm Cozen O’Connor appointed by Bangladesh Bank would review the arbitration order.
The lawsuit was related to Bangladesh Bank’s long-running efforts to recover part of the $81 million stolen by hackers.
The money flowed through the Philippine financial system before disappearing into local casinos, where they were used to buy gaming chips that were played in junket rooms.