Cathay Life cooperates in RCBC probe

CYBERHEIST:Hackers last month allegedly deposited US$81 million in RSBC, in which Cathay has a 22% stake. A Philippine businessman is under investigation

Taipei Times
Date: Mar 12, 2016
By: Ted Chen / Staff reporter

Cathay Life Insurance Co (國泰人壽), which holds a 21.93 percent stake in Philippine lender Rizal Commercial Banking Corp (RCBC), yesterday said that it is cooperating with local authorities in an international money laundering investigation.

Last month, hackers stole about US$100 million from a Bangladeshi central bank account at the Federal Reserve Bank of New York, of which US$81 million was allegedly deposited into a RCBC branch in Makati, Metro Manila, the Philippine Daily Inquirer reported.

RCBC has pledged to cooperate with the ongoing investigation into subsequent movements of the funds, which were also reported to involve several casinos.     [FULL  STORY]

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