Metro Manila (CNN Philippines) — Embattled RCBC President Lorenzo Tan has resigned, as the inquiry into the $81-million money laundering scam continues to hang over his bank.
“Despite having been cleared of any wrongdoing, as President and CEO of RCBC, I take full moral responsibility for this sad incident in the history of the bank,” Tan said in a statement released Friday (May 6).
Tan led RCBC from 2007, overseeing its “unprecedented growth,” the bank said.
Under his term, RCBC’s customer base expanded from 800,000 to 7.32 million, while its branch network grew from 294 to 475 branches. Its balance sheet likewise strengthened, more than doubling from P224 billion to P488 billion.
RCBC also forged a partnership with insurer Sun Life Grepa Financial and set up Rizal Microbank during Tan’s term.
However, Tan was also the RCBC chief that fateful day in February, when hackers stole $81 million from Bangladesh Bank.
The money was wired to four RCBC accounts in the bank’s Jupiter branch. Despite stop orders from the Bangladeshi central bank, the money was cleared and credited to the accounts, then quickly withdrawn and delivered to local casinos.
The Senate Blue Ribbon Committee investigation into what has been described one of the largest cyber heists in history has not been concluded.
An internal bank investigation, headed by external lawyers and auditor SGV & Co., cleared Tan of any involvement. RCBC maintains it was Jupiter branch manager Maia Santos-Deguito that colluded with Chinese gamblers to transfer the dirty money.
“Despite my resignation … I am committed to help uncover the truth, not only to clear my name but also to bring justice to the Bangladeshi people,” Tan said.
Only $4.63 million and P488 million have been recovered from the loot, returned voluntarily by casino agent Kim Wong, who insisted he had no idea it was stolen money. Wong and Deguito have been charged with violating the anti-money laundering law.
Wong, along with casino junket promoter Weikang Xu, allegedly received some of the funds but the latter has eluded authorities.
RCBC chairperson Helen Dee will oversee the bank for the time being, supported by vice-chairperson Cesar Virata and director Armando Medina.
Raul Victor Tan, the treasurer and executive vice-president of the Yuchengco-led bank, also resigned last month.
